Atal Pension Yojana is a pension scheme stated in May 2015 by Government of India initially for unorganized sector workers and opened for all subscribes later. APY is administered by Pension Fund Regulory and Development Authority.
Atal Pension Yojana can be availed by all citizens in age between 18 to 40 Year's. Subscribe must have savings bank account to apply for APY. Subscribes can select their monthly pension between Rs 1000/- and Rs 5000/-
APY subscriber who had started investing at 18 years need to pay monthly contribution of Rs 42 for Rs 1000 and Rs 210 for Rs 5000/-
If subscriber has selected higher pension, APY will start paying Rs 5000 from 60 years until the diemeise. Then pension will be paid to the spouse of the subscriber and nominee will receive the corpus after the dismissal of subscribers spouse.
Mentotax recommends you to Invest in Atal Pension Yojana for Maximum Pension amount of Rs 5000/- Also advises to start as a couple so that monthly pension of Rs 10000/- can be availed.
Contribution towards Atal Pension Yojana is exempted from income tax under sec 80CCD(1B).
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