Profit

Atal Pension Scheme: How Much Money You Need To Reach Your Retirement Goal

Regulator PFRDA allows persons between 18 and 40 years of age to invest their money in the plan to earn a fixed income after turning 60.

 Share
EMAIL
PRINT
COMMENTS
Atal Pension Scheme: How Much Money You Need To Reach Your Retirement Goal

Atal pension scheme 2018: The contribution required to earn a pension ranges from Rs 42 to Rs 1,454/month


Atal Pension Yojana (APY) is a government-run pension scheme focused on individuals working in the unorganised sector. Regulator PFRDA or Pension Fund Regulatory and Development Authority, which administers the Atal pension scheme, allows persons between 18 and 40 years of age to invest their money in the plan to earn a fixed income after attaining the age of 60 years, according to its website - pfrda.org.in. The contribution required to earn a fixed pension of Rs 1,000-5,000 per month on maturity ranges from Rs 42 to Rs 1,454 per month, depending on the age of the subscriber.

For example, an investor who enters the scheme at age 18 is required to make a contribution of Rs 126 per month whereas one who enters APY at age 40 needs to contribute Rs 873 per month to earn a pension of Rs 3,000 per month on turning 60, according to the PFRDA website.

Atal pension scheme contribution chart

Here's the amount of money one needs to park every month in Atal pension scheme to reach his or her monthly income goal at age 60:

Age of joiningYears of contributionIndicative monthly contribution (in rupees)Monthly pension to subscriber and spouse (in rupees)Indicative return of corpus to subscriber's nominee (in rupees)
1842421,0001.7 lakh
2040501,0001.7 lakh
2535761,0001.7 lakh
30301161,0001.7 lakh
35251811,0001.7 lakh
40202911,0001.7 lakh 
1842842,0003.4 lakh
20401002,0003.4 lakh
25351512,0003.4 lakh
30302312,0003.4 lakh
35253622,0003.4 lakh
40205822,0003.4 lakh 
18421263,0005.1 lakh
20401503,0005.1 lakh
25352263,0005.1 lakh
30303473,0005.1 lakh
35255433,0005.1 lakh
40208733,0005.1 lakh 
18421684,0006.8 lakh
20401984,0006.8 lakh
25353014,0006.8 lakh
30304624,0006.8 lakh
35257224,0006.8 lakh
402011644,0006.8 lakh 
18422105,0008.5 lakh
20402485,0008.5 lakh
25353765,0008.5 lakh
30305775,0008.5 lakh
35259025,0008.5 lakh
40201,4545,0008.5 lakh
(Source: npscra.nsdl.co.in)

Opening an Atal Pension Yojana account requires the applicant to hold a savings account either with a bank or a post office. Atal pension schemesubscribers are allowed premature exit before the age of 60 years "only in exceptional circumstances, i.e., in the event of the death/terminal disease", according to the PFRDA website. (Read more)

(Also read: How to invest in Atal Pension Yojana)

Here's a detailed contribution chart of the investment required in Atal Pension Yojana for different age groups:

Atal pension 2018, Atal pension 2018 age, Atal pension contribution chart 2018, Atal Pension Scheme, Atal Pension Yojana, APY, Atal Pension Scheme Latest Developments, Atal Pension Scheme Minimum Investment Amount, APY Pension Benefit, APY pension amount

(Using a chart, pension regulator PFRDA explains the contribution levels vis-a-vis minimum fixed monthly pension in the Atal pension scheme)

Atal pension scheme income tax benefit

The money paid as contribution to Atal pension scheme account can be claimed for income tax deduction up to Rs 50,000 under Section 80CCD (1B) of the Income Tax Act, over and above the Rs. 1.5 lakh per financial year allowed under Section 80C. 



Follow NDTV for latest election news and live coverage of assembly elections 2019 in Maharashtra and Haryana.
Subscribe to our YouTube channel, like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top