Get Fixed Pension of Rs 1,000, Rs 2,000, Rs 3,000 and Rs 5,000 With This Scheme

If you are looking to invest in a pension plan that can support you financially post-retirement, then Atal Pension Yojana may interest you. This government-run scheme is especially devised for those working in the unorganised sector. Customers who invest in this scheme will be receiving a fixed monthly pension ranging from Rs 1,000 to Rs 5,000 after they retire. By investing Rs 42 every month, one can receive Rs 60,000 annually.

Here is everything you need to know before your decide to apply for this scheme:

To apply for the Atal Pension scheme, one can visit the India Post branches supporting core-banking solutions across the country. People from 18 to 40 years of age are eligible to apply for this scheme. Another thing that a customer need to have before applying for this scheme is a savings account in a bank or a post office. Each individual can have just one Atal Pension account. The Atal Pension Scheme provides five fixed monthly pension options currently: Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs 5,000.

As you decide to sign-up for this scheme, it should be noted that a predefined amount will be deducted from your bank account as contribution to the retirement corpus. The customer can decide the amount of contribution, which varies depending upon factors like their age and the choice of monthly pension.

At the time of application, customers can select the intervals at which they want to make the contribution, which can be made monthly, quarterly or half yearly. These contributions will automatically debit at the chosen interval from the registered savings account. In case a customer wants to change the amount of monthly contribution under certain circumstances, they can do it only once a year only in the month of April.

Once you are a registered customer of Atal Pension Yojana, you only have to maintain the instalment amount in the linked savings account on the due dates to ensure a smooth transaction. In case a customer fails to maintain the instalment amount in the savings account on the due date, the scheme provides an option to pay a delayed instalment along with overdue interest. This can be Rs 1 per month for every Rs 100 for each delayed monthly contribution. This overdue contribution is paid the next month along with interest.

For those subscribers who show up as continuous defaulters, account maintenance and other related charges will be deducted from their Atal Pension account on a periodic basis. After the account balance reaches zero due to continuous default or non-payment of designated contribution, the account is closed immediately.

According to the detailed chart explaining the contribution and pension for every age group, if you register for this scheme at the age of 18 and choose to receive a monthly income of Rs 5000, you will have to pay Rs 210 every month. On the other hand, if you want to get a pension of Rs 1,000 after 60 years of age, then you will have to invest Rs 42 every month for this.