Planning to save money to enjoy life after retirement?
In order to achieve this, either you can invest Rs 210 per month for 42 years or invest Rs 1,454 per month for two decades.
Atal Pension Yojana (APY) is a scheme run by the government which mainly focuses on the unorganised sector employees.
An individual can start investing in the pension plan between the age of 18 and 40 years to earn a fixed minimum monthly pension ranging from Rs 1000 to Rs 5000, depending on the contribution and the age of the person.
APY is open to all citizens of India. This means subscribers will get a total of Rs 60,000 if they invest Rs 210 every month. All they need to do is open a savings account either with a bank or a post office.
Who can invest in Atal Pension Yojana?
According to PFRDA, APY is focussed on all citizens in the unorganised sector. The scheme was launched in May 2015, and is administered by PFRDA and implemented via all the banks nationwide.
APY is good for people who belong to lower income group or those individuals who do not have a fixed employment, according to a report by NDTV.
How to save Rs 2,43,120 by starting at 18 years of age: