To join the scheme one needs to have a savings bank account, Aadhaar and active mobile number. If a person takes this scheme after 60, he has to invest at least 20 years to get pension
To join the scheme, one needs to have a savings bank account, Aadhaar and an active mobile number
If a person takes this scheme, he has to invest at least 20 years.
Investors can invest monthly, quarterly or semi-annual i.e. for a period of 6 months.
Contribution will be auto debited. That is, the fixed amount will be automatically deducted from your account and credited to your pension account.
How much will be deducted depends on how much pension you want after retirement.
In it you can claim tax benefit up to Rs 1.5 lakh under section 80c.
You can make a contribution of Rs 42 to 210 per month
For a pension of Rs 1,000 to Rs 5,000 per month, the subscriber will have to pay from Rs 42 to Rs 210 per month. This will happen when the plan is taken at the age of 18
On the other hand, if a subscriber takes up the scheme at the age of 40, he will have to make a monthly contribution ranging from Rs 291 to Rs 1454.
The more the subscriber contributes, the more pension he will get after retirement. However, it should not exceed Rs 5,000. That is why the contribution will also be according to it.
- How to open an account
- You can open an account by going to any bank
- You can download the Atal Pension Plan form online
- You will have to fill up this form and deposit it in the bank branch
- In addition, a photocopy of your mobile number and Aadhaar card will also have to be submitted.
- You will receive a confirmation message after the application is approved.
- An online account can be opened in SBI
- Eligibility of the beneficiary of Atal Pension Scheme
The Atal Pension Scheme (APY) is for all Indian citizens between the ages of 18 and 40. To avail the benefits of this scheme, everyone has to pay the amount fixed by the government for at least 30 years.
Any bank account holder who is not a member of any such social security scheme can avail this scheme.
For a monthly pension of Rs.1000 / – to Rs.3000 / -, the beneficiary will have to pay an age based contribution of Rs.5 / – to Rs.21 / -.
The level of contribution will vary with the age of the person. A person who joins at a younger age will have less contribution and more for older age.
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