Atal Pension Yojana (APY) calculator: The Pension Fund Regulatory and Development Authority (PFRDA) managed Atal Pension Yojana is a pension scheme backed by central authorities. The PFRDA manages APY scheme through National Pension System (NPS) structure. This is a social safety scheme aiming to supply monetary assist to an incomes particular person post-retirement. As per the APY chart, one must contribute month-to-month quantity to get month-to-month pension from ₹1,000 to ₹5,000. Monthly contribution will rely on the age of the APY subscriber on the time of account opening.
Speaking on the APY scheme; SEBI registered tax and funding knowledgeable Jitendra Solanki mentioned, “Atal Pension Yojana aims to provide financial support through monthly pension to investors post-retirement. Anyone between 18 to years of age can open Atal Pension Yojana account at the nearest bank branch by submitting a self attested copy of PAN card and Aadhaar card. While submission of these documents, the applicant is advised to keep the original PAN and Aadhaar card with them. While opening of APY account, APY scheme gives investor an option to choose the monthly pension ( ₹1000, ₹2000, ₹3000, ₹4,000 and ₹5000) they would want post-retirement. The monthly contribution in APY account will depend upon the monthly pension chosen by the investor and its age at the time of account opening.”
On how the month-to-month contribution is determined in APY scheme, Jirendra Solanki mentioned, “There is PFRDA approved APY chart. This chart clarifies about the monthly contribution one will have to pay. As per the APY chart, a 18 year old investor will have to contribute ₹210 per month, if he or she chooses ₹5000 monthly pension post-retirement.” He mentioned that APY subscriber is required to proceed investing until she or he attains 60 years of age. After that they’ll get month-to-month quantity as per the selected month-to-month pension.
If an investor is late in retirement planning, in that case, APY has provision for them however she or he should pay increased month-to-month contribution as there’ll lesser interval for investing. Suppose an investor needs to open APY account on the age of 30, in that case, the investor can have 30 years for funding. As per the APY chart, the investor should contribute ₹116 per 30 days for ₹1000 pension, ₹231 for ₹2000 month-to-month pension, ₹347 for ₹3000 month-to-month pension, ₹462 for ₹4000 month-to-month pension and ₹577 for ₹5000 month-to-month pension.
View Full ImageAPY chart
So, as per the APY chart, a 30 12 months previous investor should contribute ₹577 per 30 days to gt ₹5000 month-to-month pension.
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