Atal Pension Yojana: Govt transfers Rs 5000 to account every month; here’s how to avail benefits

The Central government has made the Atal Pension Yojana's qualifying requirements pretty simple, in a bid to encourage more investors to secure their retirement. Here are the three basic eligibility criteria for making an investment in Atal Pension Scheme:  

 

- Only Indian Citizens can invest in Atal Pension Yojana.

- Anyone between the age of 18 and 39 can put their money into the scheme. 

- You need to have a bank account whose KYC norms are complete. Maintaining a minimum balance in the account will be the responsibility of the investor. 

The premiums under Atal Pension Yojana depend on the age of the investor. For instance, an investor aged 18 will have to pay a premium of just Rs 210 per month to receive Rs 5000 on monthly basis after turing 60. 

 

On the other hand, an investor entering the scheme at the age of 39 will have to invest Rs 1318 per month for the remaining 21 years to receive Rs 5000 monthly pension under the scheme. 

Besides the Rs 5000 monthly pension, investors can choose other pensions options from Rs 1000 per month, Rs 2000 per month, Rs 3000 per month, and Rs 4000 per month.

In case of the unfortunate, nominee of the investor receives the monetary benefits under the scheme. The predetermined corpus amount will be provided to the named nominee under the APY scheme.

Atal Pension Yojana offers tax benefits under Section 80C of the Income Tax Act. Premiums paid under the scheme are eligible for a deduction of Rs. 50,000 under Section 80CCD (1B).