APY: If you save ₹ 7 per day in this government scheme, you will be able to get a pension of ₹ 5 thousand per month..

The magic of Atal Pension Yojana (APY), launched in 2015, is speaking to the minds of the people. This is the reason that so far, a total of 8 crore people have joined this government scheme. The special thing is that in the current financial year itself, so far 39 lakh people have joined the Atal Pension Yojana. Launched to create a universal social security system for all Indians, 'APY' is a voluntary, contributory pension scheme that focuses on the poor, the deprived, and the workers of the unorganized sector. The Finance Ministry said in a press note that this success of APY is the result of the dedicated and tireless efforts of all banks, the Department of Posts (DOP), other stakeholders, and the continued support of the Government of India.

The objective of Atal Pension Yojana is to arrange regular income in old age for people working in the unorganized sector of India. Under this scheme, after the age of 60, the subscriber gets a monthly pension of ₹ 1,000 to ₹ 5,000. This pension amount is based on the age of the subscriber and their monthly contribution. To get a pension, it is mandatory to contribute to Atal Pension Yojana for at least 20 years.

How to get 5 a 5,000-rupee pension in Atal Pension Yojana?

Indian citizens between the ages of 18 and 40 can join this scheme. The sooner a person joins the scheme, the less monthly amount they have to contribute. If you join the scheme at the age of 18 and opt for a monthly pension of Rs 5,000, you will only have to invest seven rupees daily or Rs 210 per month.

How to register for Atal Pension?

To join Atal Pension Yojana, first of all, you must have a bank account, which is linked to an Aadhar card. After that, provide the required documents and mobile number. After this, auto-debit will be set to automatically deduct your monthly amount from the account. The simplicity of this process makes it popular in both rural and urban areas. The premium in the scheme can be paid monthly, quarterly, or half-yearly.

Will the spouse get a pension?
This scheme not only provides financial security but also brings a sense of security to the family. If the scheme holder dies for any reason, his spouse receives the pension. After the death of both, the deposit amount is transferred to the nominee. With this, this scheme also secures the future of the family.

Can the income taxpayer invest in APY?
The government made a big change in this scheme from 1 October 2022. Now, income tax payers cannot join this scheme. This decision was taken so that the benefits of the scheme can be availed only by those people whose income is low and who are deprived of social security schemes.

Who operates the Atal Pension Yojana?
The Atal Pension Yojana is operated by the Pension Fund Regulatory and Development Authority (PFRDA). This institution regulates this scheme under the National Pension System (NPS). It is ensured that the money received from the subscribers' contributions is invested safely and they can get pension in future.