How to open Atal pension yojana?

Get Rs 10,000 every month from government by enrolling in this pension scheme.

This Government Scheme will provide Rs 10000 Monthly Pension

Indians have a habit of saving, but not all Indians earn enough to save and secure their retirement. As education levels increase, the people of the country are more aware of managing their finances better and creating multiple income streams. Financial planning and investments are topics that have gained popularity in the past few years.

Everyone knows that they cannot work for every day they spend on earth, and that’s where retirement and savings come into the picture.

There will come an age where your body won't be good to you, it will become slow, and you'll face many health issues. You may have tons of experience, but at that age, you might become unemployable, and you'll struggle financially if you don't save and invest well.

Pension is one thing that most government employees have, and this makes their life after retirement frictionless and full of enjoyment. But pension is only available for government employees, and the private sector employees have to rely on their financial planning and saving knowledge.

All this changed in 2015 when Arun Jaitley introduced the Atal pension yojana for people working in private and unorganized sectors of the country.

Atal pension yojana is a central government scheme to promote healthy savings and easy life after retirement for people in unorganized and private sectors. Any individual who's in the age bracket of 18 to 40 can open an account and start contributing to it.

Under this scheme, you can avail yourself pension anywhere between Re 1000 to Rs 5000 every month given the contributions you make throughout the years. If you invest just Rs 42 every month throughout the years, you are entitled to receive a pension of Rs 1000 every month once you turn 60.

If you want to receive Rs 10,000 every month, you can open two accounts, one in your name and another for your spouse. This way, you can contribute mere Rs 210 to each of those accounts, and once you turn 60, you'll start receiving Rs 5000 from each account, and it will be Rs 10,000 for your household.

How To Start an Atal Pension Yojna Account?

The most essential thing in Atal Pension Yojna is a savings bank account. You need to have a savings bank account in any of the registered banks of India.

To open the APY account, you'll have to reach out to your savings account bank and ask for an enrollment form in the scheme. Once received, fill it up with necessary details like bank account number, age proofs, aadhar card number, etc. You should also add a nominee in case anything happens to you before the age of 60, the nominee can get the money from the account, and your investments are not lost.

Lastly, specify the amount that you are willing to contribute on a monthly basis. Then hand over the form, and starting from next month, your money from the savings bank will be deducted and transferred to the APY account.

APY is a new scheme, but being backed by the central government, it is sure to make lives better for millions of Indians and their families. So take a step towards a secure retirement today.

NEWSLETTER

Related Article

Premium Articles