Atal Pension Yojana: This government scheme offers the opportunity to earn ₹5,000 per month. Find out if you can apply for this scheme.

Atal Pension Yojana: Nowadays, people don't just leave their savings in their bank accounts. They are constantly looking for schemes where they can secure their future with a small investment. Many people have no source of income after retirement. Therefore, many people make advance pension arrangements so that they don't have to depend on others in their old age. The government has also launched several such schemes for the public.

One of these is the Atal Pension Yojana, run by the central government. The benefit of this scheme is that by investing a small amount at a young age, you can receive a fixed monthly pension after the age of 60. With a small amount of savings, you can earn up to ₹5,000 in pension later in life. Find out whether you can benefit from the scheme or not.

Who can join the Atal Pension Yojana?

The government has set certain eligibility criteria for joining the Atal Pension Yojana. The first rule is that only Indian citizens can join. You must be between 18 and 40 years of age. Additionally, you must have a bank account, as the monthly premium is deducted from this account.

The scheme is designed for those who want to ensure a regular income after retirement. If you are 18 years old, the investment is the lowest and the benefits are the highest. Therefore, the sooner you join the scheme, the better.

Who cannot apply?

If you are under 18 or over 40, you are not eligible for this scheme. Additionally, a major change has come into effect from October 1, 2022. Now, anyone who pays income tax or has previously paid it cannot join the Atal Pension Yojana. This means this scheme is only for those in the lower or middle-income groups who need additional security for retirement. Those who already have a pension or taxable income are excluded from this scheme.

How much pension is available?

Under this scheme, you receive a pension of ₹1,000 to ₹5,000 after the age of 60. This amount depends on your chosen plan and age. The younger you apply, the lower the premium. For example, an 18-year-old can receive a pension of up to ₹5,000 by depositing just ₹210 per month.

While, to avail the same benefit at the age of 30, you will have to pay ₹577 per month. To join the scheme, go to your bank, fill out the Atal Pension Yojana form, complete your KYC, and select a plan. The bank sets your account for auto-debit, and the premium is deducted every month. After this you get a receipt which tells you that you have been registered in the scheme.