Achhe Din: Invest Just Rs 84 Per Month, Get Rs 24,000 Every Year

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New Delhi: Atal Pension Yojana (APY) is a government-run scheme which was launched by Narendra Modi government in 2015. The pension scheme mainly focuses on the unorganised sector and investors can get a good return by investing a very small amount.

An individual can start investing in the pension plan between the age of 18 and 40 years to earn a fixed minimum monthly return which ranges from Rs 1000 to Rs 5000. The return depends on the contribution and at the age when the investment was started by the depositor.

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Under APY a contributor has three payment modes of contribution: monthly, quarterly and half-yearly. It means a person is required to pay Rs 84 per month to get a minimum guaranteed return of Rs 2000 per month after the age of 60. This will add up to Rs 24,000 yearly pension return after investing for 42 years, according to NSDL website. All they need to do is open a savings account either with a bank or a post office.

The APY subscriber form is available online on all bank websites. Customers have to download the form, fill in the required details and submit it to their banks. Other necessary documents also have to be submitted and applicants can then easily open as Atal Pension Yojana account.

Charges for default: Banks are required to collect an additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10 per month.
On attaining the age of 60 years: The exit from APY is permitted at the age with 100 per cent annuitisation of pension wealth. On exit, the pension would be available to the subscriber.

APY is applicable to all citizen of India aged between 18-40 years.