For those who want a pension of Rs.5000, the Atal Pension Yojana is the best thing for them. This particular Yojana requires monthly submissions of money for receiving a pension later on. The Atal Pension Yojana is basically a scheme that is run by the Govt.
The Yojana focuses more on the employees of the unorganized sector. Anyone between the ages of 18 and 42 can easily apply for the scheme. Well, the APY scheme is certainly one of the best schemes in India. Providing pension to the people who need, it, this scheme really helps a lot. The pension amount ranges from Rs.1000 to Rs.5000 per month. It depends on how much the person is willing to invest.
The scheme which came into effect in 2015-2016, is one of the best schemes for the people. We shall have a small talk about the Atal Pension Yojana. We will also get to know the scheme features, benefits, and eligibility.
Features Of The Atal Pension Yojana
Following are the Atal Pension Yojana 2018 features.
- The existing subscribers (18-40 years) of the Swavalamban Scheme will be applicable to the Pension Scheme. They can opt out of the scheme if they ever feel the need
- The subscribers of the scheme have the support of the Govt. This support has always been available for the last 5 years
- The subscribers of the Swavalamban Scheme do have the opportunity to opt out. However, the 5-year support is provided to only a selected few
- The investment plan suggest by the Govt. decides the management of the funds
- The individual subscribers don’t really have the options of selecting the funds or the investments
With the help of the following features, the APY scheme provides pension benefits to the people in the country.
Eligibility For The Atal Pension Yojana
The following people are eligible for applying to the Atal Pension Yojana 2018:
- All the citizens and residents of India
- Those who are under the age-group of 18-40 years
- Should have a bank account for depositing funds and getting the pension
- One must make the monthly investments of money to get the pension
Benefits Of The Atal Pension Yojana
Following are the benefits for the Atal Pension Yojana for Karnataka.
- The scheme proves to be beneficial for the unorganized sector
- People get suitable amounts of pension with minimum investment
- Candidates get a fixed monthly income after the age of 60
- The tax benefits are almost similar to the National Pension System
- After the monthly subscriber’s death, the spouse gets the pension
How To Open Up The Atal Pension Yojana Account?
Follow the simple steps to do the above-mentioned:
- Go to the bank where your ‘Savings Account’
- There is also an option of opening the APY account with the help of net banking
There are some branches of banks that do not have the online banking facility. In that case, visiting the bank would be a great option.
The Atal Pension Yojana for Karnataka is a very useful scheme. It works in the favor of the people who want a steady income after 60. The scheme still continues to be one of the most popular ones in India.
Know about other schemes here.