Atal Pension Yojana (APY) Calculator: Atal Pension Yojana managed by Pension Fund Regulatory and Development Authority (PFRDA) is a pension scheme supported by the Central Government. PFRDA manages the APY scheme through the National Pension System (NPS) architecture. It is a social security scheme which aims at providing financial assistance to the earning person after retirement. As per the APY chart, one has to contribute the monthly amount to get the monthly pension ₹1,000 to ₹5,000 monthly contribution APY will depend on the age of the subscriber at the time of account opening.
Speaking on APY Scheme; Jitendra Solanki, SEBI registered tax and investment expert said, “Atal Pension Yojana aims at providing financial assistance by way of monthly pension to the investors after retirement. Any individual between the age of 18 years can submit themselves to the nearest bank branch. Atal Pension Yojana account can be opened in the U.S. attested copy of PAN card and AADHAAR card. While submitting these documents, the applicant is advised to keep the original PAN and AADHAAR card with them. While opening the APY account, the APY Scheme investor gives the option to choose monthly pension ( ₹1000, ₹2000, ₹3000, ₹4,000 more ₹5000) they want after retirement. The monthly contribution to the APY account will depend on the monthly pension chosen by the investor and his/her age at the time of opening the account.
On how the monthly contribution to the APY scheme is decided, Jirendra Solanki said, “The APY chart is approved by PFRDA. This chart clarifies about the monthly contribution that will have to be paid. As per the APY chart, an 18 year old investor will have to cooperate ₹210 per month, if he chooses ₹5000 monthly pension after retirement.” He added that the APY subscriber is required to continue investing till the age of 60. After that they will get the monthly amount as per the chosen monthly pension.
In case an investor delays the retirement plan, in that case, APY has provision for them, but he/she will have to make a higher monthly contribution as the investment tenure will be shorter. Suppose an investor wants to open an APY account at the age of 30, in that case the investor will have 30 years to invest. As per the APY chart, the investor has to contribute ₹116 per month ₹1000 pension, ₹for 231 ₹2000 monthly pension, ₹347 for ₹3000 monthly pension, ₹for 462 ₹4000 monthly pension and ₹for 577 ₹5000 monthly pension.
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So, as per the APY chart, a 30 year old investor has to contribute ₹577 per month to gt ₹5000 monthly pension.
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