APY: By saving just Rs 7, you will get a pension of Rs 5000 every month, know the government scheme!

In retirement, many of us are concerned about ensuring financial security for the post-retirement phase. In such a situation, to make it financially secure, we start saving much in advance. However, it is noteworthy that most people deposit their savings in regular bank accounts, where good returns are not available. Apart from this, the increasing pace of inflation gradually destroys the value of these savings money. In this context, today we are going to discuss a remarkable scheme offered by the Government of India, which is known as Atal Pension Yojana. The scheme has gained immense popularity across the country with a large number of people making substantial investments. Let us know in detail:

Atal Pension Yojana is open to individuals in the age group of 18 to 40 years. The investment amount is determined based on the age at which the individual applies for the scheme.

For example, if you apply for this scheme at the age of 18, you will have to invest a nominal amount of Rs 7 per day, totalling Rs 210 monthly till the age of 60.

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This investment has to be maintained till the age of 60 years. Thereafter, on reaching the age of 60, you become eligible for a monthly pension of Rs 5,000.

The process of opening an account for Atal Pension Yojana is straightforward. There is no complicated process, and you can easily open an account by visiting your nearest bank branch.

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The scheme has achieved significant participation across the country, with individuals making substantial investments to secure their financial future. The simplicity and ease of opening an account contribute to the widespread popularity of Atal Pension Yojana.