Atal pension scheme
Atal Pension Yojana (APY) is a government -backed pension scheme launched by the government to provide financial security to common citizens, especially unorganized sectors, poor and underprivileged. Under this scheme, after the age of 60 years, a monthly pension ranging from ₹ 1000 to ₹ 5000 is available. Now if you are investing in APY and you have chosen the pension amount of Rs 2000 and now want to increase it to Rs 5,000? Is it possible to do this? If it is, how? Let’s know.
What is Atal Pension Yojana (APY)?
APY is a voluntary pension scheme that is open to all Indian citizens, especially for workers in unorganized sector, who do not have retirement planning. Under this scheme, investors contribute monthly, quarterly, or semi-re-annually based on their selected pension amount and time of joining. Under this scheme, there is an option to get pension of Rs 000 rupees, Rs 2,000 per month, Rs 3,000 per month, Rs 4,000 per month and Rs 5,000 per month.
Can pension amount be increased from Rs 2,000 to Rs 5,000?
Yes, you can increase your pension amount under APY. The scheme allows customers to increase or reduce their pension amount once in each financial year during the accumulation phase (ie, the age of 60 years and the period before getting pension). This flexibility ensures that customers can accommodate their retirement goals depending on their financial condition.
Will have to apply in bank
To increase the pension amount, you have to go to the bank opening your APY account and apply that you want to increase your pension amount. As soon as you request pension upgrade, bank or PFRDA will calculate your new contribution based on your current age. After this, the monthly deposits will increase, which will automatically deduct your bank account every month. For this, a new auto debit form may have to be filled in the bank. By doing this you can increase your pension amount.
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