Atal pension yojana: Atton Pension Scheme is an excellent scheme for those who do not have any other option of pension after retirement. The good thing is that now you can adjust the pension amount every year according to your future needs. Do you know that you can increase the pension amount in Atal Pension? If your income has increased and you want safe retirement, you can upgrade pension up to Rs 5,000 to the range. The government’s Atal Pension Yojana (APY) has become a strong medium of reserved old age for the poor, unorganized sector workers and low income class citizens of the country. So far 7.65 crore people have been added under this scheme.
What is Atal Pension Yojana (APY)?
Atal Pension Yojana is a government guarantee pension scheme in which you get a monthly pension of Rs 1,000 to Rs 5,000 after the age of 60 years. This amount depends on your contribution and age. Indian citizens from the age of 18 to 40 years can participate in it.
Can you do a pension of Rs 2,000 to Rs 5,000?
Yes, if you initially selected a monthly pension of Rs 2,000 and now you want a pension of Rs 5,000, then you can increase it. In the APY scheme, you can increase or reduce the pension amount once in every financial year. This flexibility helps you to increase or reduce the amount of pension according to your economic status.
How will you get information about account and contribution?
You will continue to get updates on the registered mobile number through SMS.
You can also see the account information through APY Mobile App.
Apart from this, physical statement is sent to your address once a year.
What will happen if there is no money in the account?
If there is not enough amount in your account on the due date of deducting money, then it will be considered a default. In that case you have to contribute next time with interest. Even if the money is not invested for a long time, the account does not stop. You can activate it again with the outstanding amount and interest.
Where is investment?
Your contribution is invested in government recognized pension funds such as SBI Pension Fund, LIC Pension Fund and UTI Retirement Solutions. PFRDA decides the eye and rules on investment.
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