Atal Pension Yojana or APY is a government scheme that was launched in the year 2015 by Prime Minister Narendra Modi. This is a scheme mainly for the people who belong to the unorganised sector and if one desires to acquire Rs. 5000 per month after they turn the age of 60, then the person should immediately start investing in this pension scheme. If a person is between the age of 18 and 40, then to earn a fixed monthly pension starting from Rs 1000 to Rs 5000 the person can start investing.
Moreover, the person would benefit depending on the investment and age at which he subscribes to the scheme. As starting at an early age can be beneficial for people as it reduces the investment amount to reach the desired monthly pension under the scheme thus maximising the pension benefit. As per the experts, investing in the APY scheme is the most beneficial for the people in the unorganised sector as the scheme requires a minimum investment to earn a fixed monthly pension.
How to Subscribe APY (Atal Pension Yojana)
One can subscribe to the scheme if the person has a savings account either in a bank or in a post office. One can even log on to the website npscra.nsdl.co.in to fill up the form for subscription. Moreover, if one starts investing at the age of 18, the person has to pay Rs 210 per month to earn Rs 5000 monthly pension after attaining the age of 60 years. On the other hand, if a person starts at 40 years he will have to Rs 1454 on a monthly basis. That means the total investment comes to Rs 3,48,960, which is Rs 2,43,120 extra if one starts investing late. Therefore, investing at an early age gives more benefit.