Atal Pension Yojana: The Atal Pension Yojana (APY) is a helpful scheme for people who don’t have any other pension plan after retirement.
The good news is that now you can change your pension amount every year based on your future needs.
Did you know you can increase your pension amount in APY? If your income has gone up and you want to secure your retirement better, you can raise your pension to as much as ₹5,000 per month.
APY is a strong support system for people from low-income backgrounds, the poor, and workers in the unorganized sector. So far, around 7.65 crore people have joined this scheme.
What is the Atal Pension Yojana (APY)?
The Atal Pension Yojana is a government-backed pension scheme that provides a fixed monthly pension between ₹1,000 and ₹5,000 after you turn 60.
The amount you receive depends on your age and how much you contribute. Any Indian citizen aged between 18 and 40 years can join this scheme.
Can I Increase My Pension from ₹2,000 to ₹5,000?
Yes, you can. If you started with a monthly pension of ₹2,000 and now want to increase it to ₹5,000, it is possible.
Under APY, you are allowed to change your pension amount once every financial year. This gives you the flexibility to adjust your pension based on your financial situation.
How Can I Get Information About My Account and Contributions?
You will receive regular SMS updates on your registered mobile number.
You can also use the APY mobile app to check account details.
In addition, a physical account statement is sent to your address once a year.
What Happens If There’s Not Enough Money in the Account?
If your account doesn’t have enough balance on the deduction date, it will be marked as a default. You will need to pay the missed contribution along with interest.
Even if contributions are not made for a long time, the account won’t close automatically. You can reactivate it by paying the pending amount with interest.
Where Is Your Money Invested?
Your contributions are invested in government-approved pension funds such as SBI Pension Fund, LIC Pension Fund, and UTI Retirement Solutions.
These investments are managed under the guidelines of the Pension Fund Regulatory and Development Authority (PFRDA).
