APY Calculator
Result
Monthly Investment: ₹
Duration of Investment: years
Total Investment Amount: ₹
APY Calculator
The Atal Pension Yojana is a pension scheme that was introduced in the Union Budget of 2015 – 2016, and it targeted individuals who were employed in the unorganized sector. It is a scheme that is also open to the private sector and does not have a pension benefit.
At 60, an individual employee can choose to obtain a pension of either Rs.1,000, 2,000, 4,000, or 5,000. This pension depends on their contribution to the scheme and the age at which they start the subscription to the scheme. This pension can further be claimed by the spouse upon the demise of the account holder. The collected funds of the Atal scheme are managed by the Pension Funds Regulatory Authority of India.
What is a SIP Calculator?
The SIP calculator is a user-friendly tool that provides individuals with an estimate of the returns on their mutual fund investments made through SIP. As SIP investments gain popularity, especially among millennials, this calculator becomes an invaluable resource. It offers a rough estimate of the maturity amount for your monthly SIP, based on a projected annual return rate.
It’s important to note that the actual returns from a mutual fund scheme can vary due to factors like exit loads and expense ratios, which are not accounted for in the SIP calculator.
What is APY Calculator, and How Does it Help You?
The APY Calculator is a tool that allows you to determine the real interest received on investment in the pension scheme. The Atal Pension Yojana Calculator may be used to determine what is the amount of pension you want to receive, and the age at which you should apply for this scheme. Also, for your convenience, the calculator gives you an instant answer on how much interest you would have earned on the pension. The APY calculator can also help you avoid mistakes. As a result, this software is beneficial to employees in the public and private sector.
The APY Calculator can help you in the following ways:
- The final outcome estimation instantly.
- The right period of investment.
- For you to understand if the pension scheme aligns with your financial goals.
How to Use Atal Pension Yojana Calculator
This pension calculator depicts the approximate Pension and Lump Sum amount that an NPS subscriber may expect at maturity or at the age of 60 based on regular monthly contributions, a percentage of corpus reinvested for purchasing annuities, and assumed rates for returns on investment and annuity chosen.
In order to use the calculator, you need to follow the steps mentioned below:
Step 1: Choose your age on the calculator.
Step 2: Choose the amount you would require as a pensioner.
After choosing all of these necessary criteria, the calculator will instantly show you the calculated result of the monthly investment, duration of the investment and total investment amount.
Advantages of Using the Calculator Atal Pension Yojana
The Atal Pension Yojana (APY) was developed with the intention of focusing on all citizens of India, particularly those in the unorganized sector who do not have any official pension coverage. This plan encourages these employees to save for their retirement. Here are some of the advantages of using the APY Calculator:
- It provides you help in determining how the outcome may be effective to you and your financial goal.
- It is an instant source to know the outcome of your investment.
- You can customize data based on your preferences.
- You can find estimates instantly without needing to seek assistance.
FAQs
Typically, online calculators provided by banks, financial institutions, or government websites are free to use. They offer tools such as EMI calculators, interest calculators, or retirement calculators without charging any fees. However, it’s essential to check the specific terms and conditions of the website or calculator you are using to confirm whether there are any fees associated with it.
To set up an Atal Pension Yojana (APY) account, you can visit a participating bank branch or open an account online through the bank’s website. You will need to provide necessary documents such as Aadhaar card, PAN card, and a savings bank account. The bank will assist you in completing the account opening process and enrolling you in the APY scheme.
If you fail to maintain the minimum balance required in your bank account, you may be subject to penalties or charges imposed by the bank. These charges vary depending on the bank and the type of account. Additionally, the bank may downgrade your account or restrict certain services until you restore the minimum balance requirement.
Yes, it is possible for individuals who are participants in the National Pension Scheme (NPS) to open an Atal Pension Yojana (APY) account. APY is a voluntary pension scheme aimed at providing a pension to unorganized sector workers. However, participants in NPS can also enroll in APY if they meet the eligibility criteria and wish to avail of the benefits offered by the scheme.