Atal Pension Yojana (APY) Limit Could Be Doubled To Rs. 10,000: 10 Things To Know
Thinking of investing in Atal Pension Yojana (APY)? There is some good news for you. The government is considering a proposal to raise the pension limit under Atal Pension Yojana (APY) to up to Rs. 10,000 per month from the existing slab of up to Rs. 5,000, news agency Press Trust of India reported, citing a top government official. APY or Atal Pension Yojana is a pension scheme focused on the unorganised sector. If such a proposal goes through, an individual will be able to invest in APY to earn a pension of Rs. 10,000 per month after maturity. Currently, APY offers pre-defined returns, ranging from Rs. 1,000 per month to Rs. 5,000 per month.
. Minimum investment: APY comes with three modes of payment. These are monthly, quarterly and half-yearly. That means a minimum of two contributions are required every year. An 18-year-old subscriber to APY, for example, is required to pay Rs. 42 per month or Rs. 248 half-yearly for a pension of Rs. 1,000 per month after he or she attains the age of 60 years.