Atal Pension Yojana: The Atal Pension Yojana (APY) is a government of India-sponsored pension system administered by the Pension Fund Regulatory and Development Authority (PFRDA). APY is an appealing alternative for people wishing to save for a fixed pension during their retirement. The government established the pension system to give economic stability to those in the unorganised sector as they grow older.

The Atal Pension Yojana scheme is open to any Indian citizen between the ages of 18 and 40 who has a bank account and works in the unorganised sector. The National Pension Scheme (NPS) architecture is used by the central government to run the Atal Pension Yojana.

Investors in the Atal Pension Yojana will begin receiving benefits when they reach the age of 60, implying that they must invest for a minimum of 40 years in the scheme.

In the Atal Pension Yojana, investors get monthly annuities till they die. If the investor dies, the spouse continues to get a pension until he or she dies. The full corpus is transferred to the nominee's account in the case of the investor's or spouse's death.

How to get an Rs. 5000 monthly pension by investing just Rs. 210 per month?

If the account holder is late in opening an APY account, the monthly pension will continue to grow. This indicates that it's best to start an APY account when you're 18 because it gives you a maximum of 42 years to contribute, resulting in the smallest monthly commitment. If the account holder is over the age of 18, he or she will be required to make a higher monthly contribution. According to the APY chart, a 30-year-old individual's monthly contribution for a Rs 1000 pension is Rs 116. If the APY account user chooses a Rs 5000 monthly pension, this monthly payment will increase to Rs 577.

So, if a person is 18 years old when they open an APY account, they can get a Rs. 5000 monthly annuity on their Rs. 210 monthly contributions.