Did you know that the Central Government runs a pension scheme called Atal Pension Yojana for private and unorganized sector workers? The scheme was introduced in 2015 and aims to provide monthly income for those who are unable to work. Unlike government employees who get pension, this scheme ensures pension for those who work in the unorganized sector.
By joining this scheme, workers can get a maximum pension of Rs.5,000 per month. Additionally, the minimum pension amount is also guaranteed, which means you can get monthly pensions of Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, or Rs.5,000 depending on your savings of Rs.7 per day.
Atal Pension Yojana 2024
The Atal Pension Yojana scheme is open for all Indian citizens between the ages of 18 to 40 years. However, only one account can be opened in one person’s name. All nationalized banks are offering this scheme, which means you can easily visit your bank and join it. If you do not have a bank account, you must open one to join the scheme. Alternatively, you can open a post office account and join the scheme through it. Registration forms are available both online and at bank branches.
After your application is approved along with the required documents, a confirmation SMS will be sent to your registered mobile number along with the information about the amount that needs to be deposited. The amount to be deposited depends on the age you enroll in the Atal Pension Yojana scheme.
For instance, if you join the scheme at the age of 18 years, you need to deposit Rs. 210 per month till the age of 60 years. You can easily save Rs. 7 per day for this purpose. Upon reaching the age of 60, you will start receiving a pension of Rs. 5,000 per month as a retirement benefit.
The Atal Pension Yojana scheme offers a lifetime pension benefit, which means that in case of the pensioner’s death, his/her spouse will receive the pension. If both the pensioner and spouse pass away, the nominee will receive the money.
Moreover, the scheme provides tax benefits under Section 80CCD of the Income Tax Act.