The Indian central government runs various types of schemes for the financial assistance of the economically weaker people of the country, if you also want to get a pension of Rs 5000 per month after retirement, then you should invest in Atal Pension Yojana, launched by Prime Minister Narendra Modi in 2015, this scheme is designed to provide a secure retirement income for individuals, especially those working in the unorganized sector. Let's know its full details.

Eligibility: Open to Indian citizens aged 18 to 40 years. This scheme is especially beneficial for low-income people and those not covered under any formal pension scheme.

Account opening: The account can be opened through any bank branch or post office as well as digital banking services.

Flexible premium payment: Participants can choose to pay their premiums on a monthly, quarterly, or half-yearly basis. Payments can be automated through the auto-debit facility linked to the savings account.

Guaranteed pension:

After attaining the age of 60, account holders are entitled to a guaranteed monthly pension ranging from ₹1,000 to ₹5,000, depending on the contribution amount.

Tax benefits

Contributions to the scheme may be eligible for tax deductions under relevant sections of the Income Tax Act.

How to benefit from Atal Pension Yojana

Eligibility check: Make sure you meet the age and residency requirements.

Choose your contribution: Decide on the pension amount you want and the corresponding monthly contribution.

Account setup: Visit a bank or post office to open your account, or use digital services for convenience

Set up auto-debit: Opt for the auto-debit facility to ensure timely premium payments.

Monitoring and adjustments: Regularly assess your financial needs and adjust your pension or payment schedule as needed.