Atal Pension Yojana Money-making Tip! Transform your Rs 210 pm into a Rs 60,000 pension; do it this way

Atal Pension Yojana or APY is a Central Government run pension scheme open to all citizens. It was incepted with an aim to provide social and financial security to the senior citizens of India mainly focusing on the unorganised sector. APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS). Under this government-backed small savings scheme, a minimum monthly pension between Rs 1,000 to Rs 5,000 is guaranteed for the beneficiaries. In this pension scheme, an investor can start investing from the age of 18 and can expect to get pension after attaining 60 years of age. The earlier the investment begins, lesser will be the monthly premium payment and greater will be the benefits, suggests APY chart.

Speaking on the APY scheme, Manikaran Singhal, a SEBI registered tax and investment expert said, "In Atal Pension Yojana, an investor can open an APY account at the age of 18 to 40 years and can continue investing in the APY account till the age of 60 years. After 60 years, the investor becomes eligible for the monthly pension that varies from Rs 1,000 to Rs 5,000. The monthly pension that an investor wants has to be fixed at the time of APY account opening and on the basis of monthly fixed pension, the monthly APY premium is fixed." However, in the recent PFRDA guidelines, one can upgrade or downgrade one's pension once in a year.

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Elaborating upon the APY Chart, Jitendra Solanki, a SEBI registered tax and investment expert said, "If an investor opens APY account at the age of 18, his or her monthly premium payment for APY pension of Rs 1,000 will be Rs 42, APY premium for Rs 2,000 monthly pension will be Rs 84, APY premium for Rs 3,000 monthly pension will be Rs 126, APY monthly premium for Rs 4,000 monthly pension is Rs 168 while for Rs 5,000 pension the monthly premium will be Rs 210."

Solanki went on to add that for a 40 year old APY account holder, the APY chart suggests that the premium payment for a Rs 1,000 monthly APY pension will be Rs 291. This premium will get doubled for Rs 2,000 monthly pension while for Rs 3,000, Rs 4,000 and Rs 5,000 monthly pension, this monthly premium of Rs 291 for Rs 1,000 pension becomes three times, four times and five times.

Therefore, if an 18 year old investor starts investing in Atal Pension Yojana, then the APY chart suggests that he or she will get Rs 60,000 annual pension on his or her monthly investment of Rs 210.