Pension Scheme | Do you want to join any pension scheme and get pension every month? You can join a pension scheme and get a pension of Rs.5,000 every month.
Central Government runs many schemes for citizens. Among them, a pension scheme has become very popular. So far 52 million subscribers i.e. 5.2 crore people have joined this scheme. The name of the scheme is Atal Pension Yojana. The central government gives a pension between Rs.1,000 to Rs.5,000 to those who join this scheme.
It is remarkable that 5.2 crore people have joined this scheme till March 31 this year. In FY 2022, 99 lakh people will join this scheme, while in FY 2023, 1.19 crore people will join this scheme.
Central Government launched Atal Pension Yojana Scheme on 9th May 2015. The Pension Fund Regulatory and Development Authority (PFRDA) administers the scheme. It is managing Rs.27,200 crores of this scheme. The popularity of this pension scheme is increasing. Anyone can join this scheme. This scheme is not applicable to income tax payers.
Minimum age to join Atal Pension Yojana scheme should be 18 years. Maximum age is 40 years. But the earlier you join this scheme, the more benefits you get. For example, an 18-year-old person needs to deposit Rs.210 per month for a pension of Rs.5,000. If you join this scheme at the age of 40, you have to deposit Rs.1454 per month for a pension of Rs.5,000. That means you have to deposit about 7 times.
Those who join the Atal Pension Yojana scheme should deposit money every month till they reach the age of 60 years. From the age of 60 they get Rs. Pension is available between Rs.1,000 to Rs.5,000.
In case of death of beneficiaries drawing pension their spouse will get pension. If both the husband and wife die then the nominee will get the deposited amount. Atal Pension Yojana scheme is available in public sector banks, private banks and post offices.
Atal Pension Yojana is beneficial for those who are not in any pension scheme till now. After joining this scheme you have to deposit money every month. Late deposit will incur penalty charges. This penalty can be up to Rs.10 depending on the amount deposited.
If the money is not deposited for another 6 months, the account will be frozen. If the money is not deposited for 12 months, the account will be deactivated. Account will be closed if money is not deposited for 24 months.