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Home / News / India News / Modi-govt scheme: Invest Rs. 210 monthly, get Rs. 5,000 pension!
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Modi-govt scheme: Invest Rs. 210 monthly, get Rs. 5,000 pension!

Modi-govt scheme: Invest Rs. 210 monthly, get Rs. 5,000 pension!
Written by Gogona Saikia
Apr 17, 2018, 01:02 pm 2 min read
Modi-govt scheme: Invest Rs. 210 monthly, get Rs. 5,000 pension!

Does investing Rs. 210 monthly now, to get Rs. 5,000 monthly after retirement, sound like a high-returns investment plan? The government's Atal Pension Yojana (APY) promises just that. APY focuses on the unorganized sector, but all Indian citizens aged 18-40 are eligible. The earlier you invest, the more you save. Here's all details of the scheme and how you can subscribe.

About
About the Atal Pension Yojana

The APY, launched in May 2015, is open to all Indians having a valid savings account either with a bank or a post office. It is particularly useful for those with low or no fixed income, and with no dependents to look after in old age. Upon retirement, the investor can earn Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 or Rs. 5,000 monthly.

Amounts
The earlier you start, the more you save

The minimum contribution amount increases with age. An 18-year-old can deposit anything between Rs. 42-Rs. 210 monthly till 60 years of age. For 39-year-olds, it's between Rs. 264-Rs. 1,318. So starting at 18, one invests maximum Rs. 1,05,840, and gets back more than that in two years. Starting 39, one invests Rs. 3,32,136 maximum, and gets it back in more than five years.

Benefits
Several benefits for APY subscribers, including tax savings

APY subscribers enjoy the same tax benefits as the National Pension System. Apart from the Rs. 1.5L deduction under Section 80C, contributions to APY are eligible for additional deduction of upto Rs. 50,000. Upon the subscriber's death, the pension is paid to the spouse; if they too die, the nominee gets the accumulated wealth. The spouse can also continue investment if the subscriber dies.

Information
How to subscribe to APY

To subscribe online, visit www.npscra.nsdl.co.in, click on 'NPS Lite/APY' and then 'Forms.' Download it and submit with required documents. You can choose to auto-debit the amount monthly, quarterly or half-yearly. You can also walk into a bank for the form and submit it offline.

Conditions
Terms and conditions

In case of delayed payments, an overdue interest of 1% per month is levied on the pending amount. Premature exit from the scheme (before attaining 60 years of age) is allowed, but only in "exceptional circumstances," such as death or terminal disease. To discontinue subscription, you will have to compulsorily visit the bank and complete paperwork, which can't be done online.

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“I may be on the side of the angels, but don’t think for one second that I am one of them.” Delhi University. Freethinker. “Social justice warrior”.
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