Money Making Tips: Retirement planning has to be on top of the priority list for most salaried employees. While there are a number of schemes like NPS, PPF and EPF that help you prepare for post-retirement days, most of these require slightly significant investments. However, there is another scheme that allows you save for later years while investing just Rs 7 per day. 

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The name of the scheme is Atal Pension Yojana (APY), which was introduced by the Government of India in Union Budget 2015-16 - it is focused on the unorganised sector. As part of the scheme, investors can choose a minimum monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs 5000 per month after 60 years of age.

To get Rs 5000, you need to invest just Rs 210 a month. This means you have to save Rs 7 daily to save up to Rs 210 every month in order to invest in the scheme.

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Who can invest in Atal Pension Yojana?

Subscriber should be a citizen of India. 

The subscriber’s Age should be between 18 -40 years for joining APY.

Subscriber can join APY through a bank branch/post-office (through Online/Offline modes, as available)

It is mandatory to provide nomination and spouse details in APY account.

Note that contributions can be made on monthly or quarterly or Half-yearly basis through auto-debit facility from savings Bank account.

The subscribers are allowed to contribute between Rs 42 and Rs 210 per month if they are joining at the age of 18 years. However, if the subscriber joins at the age of 40 years, the contribution ranges between Rs 291 and Rs 1,454 per month, for the same fixed pension amounts.