Atal Pension Yojana (APY) scheme is the best one for lower middle class people, who cannot afford to make hefty investment. APY is be focussed on all citizens in 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 to achieve that you must first begin your investment from now on. Investing in APY is very cheap, and one can choose to receive pension in the denominations of Rs 1000, Rs 2000, Rs 3000, Rs 4000 and Rs 5000 per monthly.
In case if you are planning to invest in APY, then this much you should spent every month to achieve the mentioned pension amount. The benefit of fixed minimum pension is be guaranteed by the Government.
Subscribers would 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. This means that minimum period of contribution by any subscriber under APY would be 20 years or more.
Eligibility for APY
APY is open to all bank account holders. The Central Government would also co-contribute 50% of the total contribution or Rs 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who join the NPS between the period 1st June, 2015 and 31st December, 2015 and who are not members of any statutory social security scheme and who are not income tax payers…….Read More>>