New Delhi: One can get Rs 5,000 monthly pension upon retirement if one invests in the Government of India’s (GoI’s) flagship pension scheme, the Atal Pension Yojana (APY). The GoI has set a minimum monthly contributory amount which the subscriber needs to invest according to to the age he starts investing to get Rs 5,000 monthly pension from APY. Let’s see, how much one should invest to get a lifelong Rs 5,000 monthly pension from this scheme:
PPF calculator can turn your Rs 50000 into over Rs 22,00,000; Money 101 lesson
Atal Pension Yojana: Rs 5,000 monthly pension
Suppose, one starts investing at the age of 18 and the individual wants to earn Rs 5,000 pension during retirement, the person will have to invest minimum of Rs 210 every month till he turns 60. But, if the depositor starts investing at the age of 20, then, he would have to invest Rs 248 every month. If one starts investing at the age of 25, then, minimum monthly investment will be Rs 376.
At the age of 30, the minimum monthly investment will be Rs 577. If an individual starts investing at the age of 35, the person would have to invest minimum of Rs 902 every month to get Rs 5,000 monthly pension. While, if an individual starts APY investment at the maximum entry age of 40, then, for next 20 years till his retirement, he will have to invest every month minimum Rs 1,454. This will be clear from the following table :
Investment required for Rs 5,000 monthly pension
Entry Age
Rs 5,000 monthly pension
18
210
20
248
25
376
30
577
35
902
40
1454
Source: www.npscra.nsdl.co.in
Mutual Fund SIP calculator: How to make Rs 1 crore comfortably
APY Key Details:
Minimum Entry age – 18
Maximum Entry age – 40
Age at which subscriber will get pension – 60
Tax Benefits – No
How to open APY account?
One can open an APY account with any bank or post office in the country in which one has an active savings. The pension received in this scheme is guaranteed. One can get maximum Rs 5,000 monthly pension under APY. While, the minimum guaranteed pension is Rs 1,000.
Atal Pension Yojana benefits: To Get Rs 5,000 monthly pension under the Atal Pension Yojana (APY), one needs to invest minimum Rs 210 per month if he starts investment at the age of 18. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
