APY scheme: Anyone between 18 to years of age can open Atal Pension Yojana account at the nearest bank branch by submitting a self attested copy of PAN card and Aadhaar card
Atal Pension Yojana (APY) calculator: The Pension Fund Regulatory and Development Authority (PFRDA) managed Atal Pension Yojana is a pension scheme backed by central government. The PFRDA manages APY scheme via National Pension System (NPS) architecture. This is a social security scheme aiming to provide financial support to an earning individual post-retirement. As per the APY chart, one needs to contribute monthly amount to get monthly pension from ₹1,000 to ₹5,000. Monthly contribution will depend upon the age of the APY subscriber at the time of account opening.
Speaking on the APY scheme; SEBI registered tax and investment expert Jitendra Solanki said, "Atal Pension Yojana aims to provide financial support through monthly pension to investors post-retirement. Anyone between 18 to years of age can open Atal Pension Yojana account at the nearest bank branch by submitting a self attested copy of PAN card and Aadhaar card. While submission of these documents, the applicant is advised to keep the original PAN and Aadhaar card with them. While opening of APY account, APY scheme gives investor an option to choose the monthly pension ( ₹1000, ₹2000, ₹3000, ₹4,000 and ₹5000) they would want post-retirement. The monthly contribution in APY account will depend upon the monthly pension chosen by the investor and its age at the time of account opening."
On how the monthly contribution is decided in APY scheme, Jirendra Solanki said, "There is PFRDA approved APY chart. This chart clarifies about the monthly contribution one will have to pay. As per the APY chart, a 18 year old investor will have to contribute ₹210 per month, if he or she chooses ₹5000 monthly pension post-retirement." He said that APY subscriber is required to continue investing till he or she attains 60 years of age. After that they will get monthly amount as per the chose monthly pension.
If an investor is late in retirement planning, in that case, APY has provision for them but he or she will have to pay higher monthly contribution as there will lesser period for investing. Suppose an investor wants to open APY account at the age of 30, in that case, the investor will have 30 years for investment. As per the APY chart, the investor will have to contribute ₹116 per month for ₹1000 pension, ₹231 for ₹2000 monthly pension, ₹347 for ₹3000 monthly pension, ₹462 for ₹4000 monthly pension and ₹577 for ₹5000 monthly pension.
So, as per the APY chart, a 30 year old investor will have to contribute ₹577 per month to gt ₹5000 monthly pension.