Atal Pension Yojana: Saving Rs 7 everyday can fetch you Rs 60,000 pension, here's how

New Delhi: Any salaried individual wishes to have a healthy retirement fund. Employees in both the private and public sectors can contribute to the Employee Provident Fund Organization, and the Centre has also introduced a retirement system for those in the unorganised sector.

On May 9, 2015, the Centre announced the Atal Pension Yojana, a major initiative for workers in the unorganised sector. Nearly 4 crore people have signed up for the scheme so far. The retirement system, which is managed by the central government through the National Pension Scheme (NPS) architecture, ensures retirement returns.

Minimum age

• Any Indian person who works in the unorganised sector and has a bank account.
• The person should be between the ages of 18 and 40.
• Investors will begin to receive benefits from the scheme when they reach the age of 60.
• Until they die, investors receive a monthly pension.
• If the investor dies, his or her spouse is entitled to a pension until the investor's death.
• The retirement corpus is transferred to the nominee's account in the case of the investor's and spouse's death.

Here’s how to earn Rs 60,000 pension by investing Rs 7 each day in the scheme

Anyone as early as 18 years old can invest in the Atal Pension Yojana. When they retire, they can invest Rs 210 per month for 42 years and receive a Rs 5,000 monthly pension.

The investment of Rs 210 will yield a daily return of Rs 7, and the investor would receive a Rs 60,000 pension after a year.

Anyone interested in joining the scheme, however, should be aware that they would be required to pay a monthly premium of Rs 210 in order to receive the monthly income.

Here’s how to invest in the Atal Pension Yojana:

Step 1: Visit the official website of the Atal Pension Yojana at https://enps.nsdl.com/eNPS/NationalPensionSystem.html.

Step 2: Fill in your personal and Aadhaar card information.

Step 3: Use OTP verification to double-check the information. The OTP will be sent to the Aadhaar-linked cell phone number.

Step 4: Enter the account number and IFSC code for your bank account.

Step 5: After the process is done, the account will be activated.

Step 6: Fill in the nominee's information and choose the premium payment type.

Step 7:Your Atal Pension Yojana registration will be complete once you e-sign the form.