This Scheme Will Give You Fixed Pension On Investing Rs 200/Month
The Indian government has various pension schemes for the citizens in the country. One such popular pension scheme is Atal Pension Yojana (APY).
This scheme suits best to lower-middle-class people, who cannot afford to make a hefty investment. This pension scheme is mainly focussed on the class that falls under the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).
This scheme roots in providing a sum of money on your retirement every month, but for that, you need to start investing right now. Investing in APY is very cheap, and one can choose to receive his or her pension in the denominations of Rs 1000, Rs 2000, Rs 3000, Rs 4000 and Rs 5000 per month.
Subscribers are said to receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY. Minimum age of joining APY is 18 years and maximum age is 40 years.
To invest in the aforementioned pension scheme, one needs to be at least 18 years old or above. The Central Government co-contributes 50% of the total contribution or Rs 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years and also those who are not members of any statutory social security scheme and who are not income taxpayers.
All bank account holders under the eligible category may join APY with an auto debit facility to accounts, leading to a reduction in contribution collection charges. Due dates for monthly contribution payment is arrived based on the deposit of first contribution amount. In case of repeated defaults for a specified period, the account is liable for foreclosure and the GoI co-contributions, if any shall be forfeited.
People who want to enrol in this pension scheme also needs to note that, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees. If you are planning to avail the Rs 1000 per month pension, then you should pay an amount ranging from Rs 42 to Rs. 291 to your bank account, depending upon the age you begin this account. In case of your death, your nominee will receive up to Rs 1.7 lakhs from the APY Scheme.
In case, you plan to avail Rs 2,000 per month pension, then you will be investing between Rs 84 to Rs 582 monthly and on demise, your nominee will be eligible to receive up to Rs 3.4 lakhs. As for Rs 3,000 per month pension, you must contribute between Rs 126 to Rs 873. However, in case of death before 60 years of age, then your nominee will receive Rs 5.1 lakhs.
Whereas for availing Rs 4,000 monthly pension under APY, then you should invest between Rs 168 to Rs 1,164. An amount of Rs 6.8 lakhs will be given in case of death.
Finally, for opting Rs 5,000 monthly pension under APY, then you must contribute between Rs 210 to Rs 1,454 every month in your scheme bank account. Your nominee will be eligible to receive Rs 8.5 lakh in case of death.