Atal Pension Yojana (APY) is a guaranteed pension scheme backed by the Government of India and administered by PFRDA (Pension Fund Regulatory and Development Authority). The pension scheme is in news for adding more than 28 lakh new APY accounts in FY22. Overall, enrolments under APY has crossed 3.30 crore as on 25th August 2021, PFRDA claimed in its latest communication, reported Mint. As per the APY rules, an individual aged from 18 to 40 years can open APY account and continue saving till 60 years of age to become eligible for monthly pension.
Under Atal Pension Yojana scheme, a subscriber is given choice to choose fixed monthly pension amount from ₹1000, ₹2000, ₹3000, ₹4000 and ₹5000. One’s monthly contribution will depend upon the monthly pension chosen by the APY account holder. To open an APY account, one needs to visit nearest bank with ID proof, address proof and age proof to fill the form for registration under the APY scheme.
Out of the total enrolments, around 78 percent subscribers are those who have opted for ₹ 1,000 pension plan, while around 14 percent have opted for ₹ 5,000 plan. Also out of the total subscribers, 44 per cent are women while 44 per cent of subscribers belong with the age group of 18 years to 25 years.
Among the states, Uttar Pradesh, Bihar, West Bengal, Maharashtra, Tamil Nadu, Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Gujarat and Odisha are in the top league, with more than 10 lakh enrolments as on August 25, the release said.
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As per Atal Pension Yojana chart, if a person is 18 years of age, then its monthly contribution will be ₹42 for ₹1000 monthly pension, ₹84 for ₹2000 monthly pension, ₹126 for ₹3000 monthly pension, ₹168 for ₹4000 monthly pension and ₹210 for ₹5000 monthly pension. his monthly pension keeps on increasing if the account holder is late in opening APY account. Means, it’s better to open APY account at the age of 18.
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