Winning Bizness Desk
Mumbai. The specialty of 'Atal Pension Yojana', which was started in the name of former Prime Minister of India and Bharat Ratna Atal Bihari Vajpayee, is such that if someone stays properly invested in it, then it can become a support in old age. Under this scheme, on attaining the age of 60 year, person will be eligible to get a pension of Rs 1,000 to Rs 5,000 every month. The amount of pension will depend on the amount of pension you want after retirement. To get pension of 1 to 5 thousand rupees per month, the subscriber will have to pay from Rs 42 to Rs 210 per month. This cab be done only on taking the scheme at the age of 18 years. On the other hand, if a subscriber takes the scheme at the age of 40, then he will have to contribute from Rs 291 to Rs 1,454 per month. The more the subscriber contributes, the more pension he will get after retirement.
If an 18 year old person deposits Rs 42 every month, then after 60 years he will get a pension of Rs 1000 every month and if he deposits Rs 84 then he will get Rs 2000 per month. If you deposits Rs 126 per month, then you will get Rs 3000 and if you deposit Rs 168 the you will get Rs 4000. Likewise, if you deposit Rs 210, you will get Rs.5000 pension and if you are of 40 yearsm then a deposit of Rs 291 every month will enable you to get 1000 Rs pension at the age of 60 years and if you deposit Rs 1454 every month, then you will be entitled to get Rs 5000 as pension. Life partner will also get benefit
Same pension to be paid to spouse
Under this scheme, investors can invest monthly, quarterly or semi-annually. The contribution will be auto-debited or deducted from your account and credited to your pension account. After the death of the subscriber, the same pension will be paid to his spouse and on the death of both the subscriber and the spouse, the accumulated pension amount till the age of 60 years will be returned to the nominee. On the other hand, in case of death of the subscriber before 60 years, his spouse can continue to contribute to the APY account. The spouse of the subscriber shall be entitled to receive the same pension amount as the subscriber would have received. On the other hand, if he wants, he can withdraw the entire money deposited in the APY account by not doing so.
Taxpayer does not get the benefit of the scheme
Atal Pension Yojana is not for taxpayers. Simply saying, if you pay income tax, then you will not be able to open an account in this scheme. This rule has been implemented by the government from 1 October 2022. You can open an account by going to any bank. You will have to fill the Atal Pension Yojana form and submit it to the bank branch along with the requested documents. After the application is approved, you will get a confirmation message. After that, your monthly contribution will be decided based on your age. Apart from this, you can also invest in it online.
