APY Scheme: Atal Pension Yojana (APY) is a guaranteed pension scheme backed by the Government of India (GoI) and administered by PFRDA (Pension Fund Regulatory and Development Authority). Pension scheme is in discussion to add more than 28 lakh new APY accounts in FY22. Overall, enrollment under APY has crossed 3.30 crore as on 25 August 2021, claimed PFRDA in its latest communication sharing the record addition of APY subscribers in FY 2021-22. As per APY rules, a person in the age group of 18 to 40 years can open an APY account to become eligible for monthly pension and can continue saving till the age of 60 years.
Under the APY scheme, a subscriber is given the option to choose a fixed monthly pension amount ₹1000, ₹2000, ₹3000, ₹4000 more ₹5000. One’s monthly contribution will depend on the monthly pension chosen by the APY account holder. To open an APY account, one has to visit the nearest bank along with ID proof, address proof and age proof to fill the form for registration under the APY scheme.
apy chart
According to the Atal Pension Yojana chart, if a person is 18 years old, his monthly contribution will be ₹for 42 ₹1000 monthly pension, ₹84 for ₹2000 monthly pension, ₹126 for ₹3000 monthly pension, ₹168 for ₹4000 monthly pension and ₹for 210 ₹5000 monthly pension.
This monthly pension keeps on increasing if the account holder delays in opening the APY account. Meaning, it is better to open APY account at the age of 18 years as it gives maximum 42 years for contribution making minimum monthly contribution. APY account holder will have to make higher monthly contribution if he is above 18 years of age. As per the APY chart, a person who is 30 years old, his monthly contribution ₹1000 is pension ₹116. This will increase to the monthly contribution ₹577, if the APY account holder chooses ₹5000 monthly pension.
Therefore, if a person opens an APY account at the age of 18, he can get ₹5000 monthly pension on this ₹210 Monthly Savings.
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