If you are planning to invest in the famous Atal Pension Scheme (APY) of the Central Government, then this news is useful for you. In fact, recently the government has approved to continue this scheme till the financial year 2030-31.
By making a small investment under the scheme, you can arrange pension up to Rs 5000. Let us discuss the plan in detail.
starting at age 18
This scheme is for Indian citizens between the age of 18 to 40 years. Under the scheme, the beneficiary receives a guaranteed monthly pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 on completion of 60 years of age. This amount depends on the pension amount chosen and the contribution accumulated. The contribution amount is credited through auto-debit from the account on monthly, quarterly or half-yearly basis.
What is the minimum investment amount?
Under the scheme, the beneficiary will have to invest at least Rs 42 monthly. However, the condition is that the age of the investor should be 18 years. Starting with a monthly investment of Rs 42 at the age of 18, you will get a pension of Rs 1000 per month. As the age increases, the investment amount for the new investor will increase.
Who will get the amount after the death of the beneficiary?
After the age of 60 years, the beneficiary gets regular pension and after his death the same pension is given to his spouse. If both of them pass away then the entire accumulated amount deposited is returned to the nominee. Voluntary withdrawal facility before 60 years of age is also available in case of serious illness, extraordinary circumstances or special reasons. However, under normal circumstances, premature withdrawal is not allowed. More than 8.66 crore customers have been enrolled under the scheme till January 19, 2026. Let us tell you that from October 1, 2022, any citizen who is or has been an Income Tax payer (Income Tax Act, 1961), will not be eligible to open an account under the new Atal Pension Scheme.