Atal pension yojana: Are you a member of the Atal Pension Yojana (APY) and want to increase your selected ₹ 3,000 monthly pension to ₹ 5,000? So this news is for you only! You can do this work very easily. This government scheme has been started to give financial support in old age to people working in especially unorganized sectors. Under this, after the age of 60, you can get a monthly pension ranging from ₹ 1,000 to ₹ 5,000. And the best thing? You can change your pension amount once a year – that is, you can reduce or increase it at your convenience!
Some special things of Atal Pension Yojana that make it great
This plan depends entirely on your will and the government supports it. It is specially designed for those who do not work in the organized sector and who do not have any formal pension system. Let’s look at some of its main features:
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Who can join?
Any Indian citizen aged 18 to 40 can avail this scheme, provided he is not currently an Income Tax payer nor has it ever been before. -
The sooner, the more benefit:
The younger you will join this scheme, the less your monthly installment will be. This scheme works on the principle of long -term saving. -
Government guarantee:
This scheme is supported by the government, which means that after the age of 60 you will definitely get a certain pension, which will make your future safe. -
Many pension options:
In the Atal Pension Yojana, you get five best options for monthly pension of ₹ 1,000, ₹ 2,000, ₹ 3,000, ₹ 4,000 and ₹ 5,000. You can choose anyone according to your age and financial condition. This facility gives you the freedom to mold your pension scheme according to future needs.
How to increase the pension of ₹ 2000 or ₹ 3000 to ₹ 5000?
If you had chosen a pension of ₹ 1,000 or ₹ 2,000 earlier, you can increase it to ₹ 3,000, ₹ 4,000 or ₹ 5,000. In the Atal Pension Yojana, this facility is available once every financial year that you can increase or reduce your pension amount. Keep in mind, this change can only be made in the “accumulation phase”, that is, until your pension has not started (before the age of 60). This flexibility makes this scheme even more special.
How to upgrade your pension:
Suppose you initially selected a monthly pension of ₹ 1,000, ₹ 2,000, or ₹ 3,000 and now you want a pension of ₹ 4,000 or ₹ 5,000. For this, according to your current age, you will have to pay the monthly installment fixed for the new pension amount.
What will happen when changing the pension amount?
When you increase your pension amount, your monthly installment will be decided according to the new pension. At the same time, if you reduce the pension amount, then the additional amount deposited earlier will be returned to you with interest. There is also a small fee of ₹ 50 for this change, which is for procedural costs.
What to do to increase pension? Absolutely easy!
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First of all, go to your bank or point of presence (POP) center from where you enrolled for Atal Pension Yojana.
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There you have to fill a form.
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In this form you will choose a new monthly pension amount of your choice.
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Once this change occurs, your next installment will be deducted on the basis of new amount.
Then what are you waiting for? To further strengthen your future economic security, take advantage of this facility today!
