Atal Pension Yojana (APY) is a social security program aiming at giving pension to people engaged in the unorganized sector. Launched by the Indian government in 2015, this program primarily aims to give financial stability for elderly people. Let’s go into great depth regarding this program.
Atal Pension Yojana
A unique program of the Indian government is Atal Pension Yojana (APY). It is designed for those without consistent employment and those who do small jobs. This plan aims to let every Indian be tension free about money in old age. APY welcomes anyone between the ages of 18 and forty. After the age of sixty, this pension is accessible every month by making a little monthly deposit of a little sum.
Why should one have Atal Pension Yojana?
APY lets you choose the pension amount you like for guaranteed. Every month you could obtain a pension ranging from Rs 1000 to Rs 5000. Your pension will increase with increasing money you put in.
Government help: Should you be between the ages of 18 and 40 and not pay taxes, the government will fund Rs 1000 annually into your APY account for five years. This is quite beneficial.
Family security: If the individual making APY deposits dies, his or her spouse will still be eligible for pension. If both die, their children will get all the deposited money.
Process of Joining the Plan
APY is really straightforward to join. You just need these items.
- Aadhaar’s card
- Account in banks
- Mobile number
Filling the APY form, visit your closest bank. Bank personnel will help you. One may also join APY online. Start APY from home if you have net banking.
Recall that the support of your old age comes from Atal Pension Yojana (APY). Starting to save money early on will pay off later. Thus, avoid waiting; join APY right now to ensure your future.
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