What is the use of an APY return calculator?

Atal Pension Yojana pension calculator is a valuable tool for individuals planning their retirement savings under the APY scheme. By using the calculator, subscribers can estimate the contributions needed to secure a fixed monthly pension amount after retirement.

What is the full form of APY scheme and who manages it?

APY stands for Atal Pension Yojana. It is a government-backed pension scheme that is currently administered by the Pension Fund Regulatory and Development Authority (PFRDA). The PFRDA manages APY using the current National Pension System structure.

Who should invest in Atal Pension Yojana?

The APY scheme is ideal for those working in the unorganized sector of India. The primary aim of the scheme is to ensure regular income through guaranteed pension after the subscriber attains the age of 60 years. Do remember to check the eligibility criteria for APY before investing in this scheme.

When does an account enrolled under the Atal Pension Yojana mature?

The APY account matures when the contributor of the schemes attains the age of 60 years.

What is the maximum age to enrol in the Atal Pension Yojana?

You should be not more than 40 years old to subscribe to the Atal Pension Yojana. This means that at least 20 years of contribution is required when signing up for an APY account.

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APY Calculator

What is an APY Calculator?
Role of the APY Calculator
How to use?
Why Calculate APY Returns
Who Can Open an APY Account?
Benefits
FAQs

APY Calculator

Atal Pension Yojana (APY) is a government-backed pension scheme designed to provide financial security and stability in old age primarily to the unorganised sector of India. Individuals can use an Atal

Payment Frequency

Monthly

Age of Entry

Desired Pension Amount

You get

Monthly pension of Rs 5000 From the age of 60 for whole life

Monthly Investment₹ 376

Investment Duration 35 Years

Total Amount₹ 1.58 Lakhs

Monthly Investment₹ 376

Investment Duration 35 Years

What is an APY Calculator?

The Atal Pension Yojana calculator is a simple online tool designed to assist individuals in planning their retirement using the Atal Pension Yojana (APY). This calculator uses some key user inputs such as desired pension amount, age of APY subscriber at the time of joining and payment frequency to immediately calculate the monthly contributions required to achieve the desired pension from the APY scheme. The APY scheme offers guaranteed pension after the age of 60 years, so the user cannot select a rate of return for this scheme. Therefore, the contribution amount varies based on the number of years for which the contribution is made as well as the mode of contribution – monthly, quarterly or semi-annual.

Did you know?

If you had Invested ₹ 10K/month for 10 years, you would have received whole life monthly income of ₹ 57K/month @ 15% returns

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Disclaimer: 7Available with Max Life Smart Wealth Plan (UIN: 104N116V12). Market-linked funds are subject to market risk and do not offer guaranteed returns. In Unit Linked Insurance Plans, investment risk is borne by the policyholder.

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Role of the APY Calculator

The APY calculator serves as a vital tool for prospective APY subscribers to assess and plan their retirement savings strategy. It helps users understand the financial implications of subscribing to the APY scheme by providing details of the monthly/quarterly/semi-annual contributions necessary to receive the desired pension amount based on the age of the subscriber at the time of joining the scheme.

How to use APY Calculator?

The Atal Pension Yojana calculator uses key user inputs to estimate the investment amount required to receive the desired monthly pension after the age of 60 years. Below are the key inputs required to use an APY calculator:

• Joining Age: This is the age of the subscriber at the time of signing up for the scheme. Minimum age of entry is currently 18 years and maximum age of entry is currently 39 years for the scheme.

• Desired monthly pension amount: This is the monthly pension amount that the user desires after attaining the age of 60 years. Currently the guaranteed pension amounts available are Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and Rs. 5000.

• Payment Frequency: This refers to the frequency of making contributions into the scheme. Currently monthly, quarterly and semi-annual contributions are allowed.

Upon entering the above details, the tool will immediately calculate the monthly/quarterly or semi-annual investments that the user is required to make in order to receive the desired monthly pension amount. Additionally, the tool will also show the total amount that the subscriber would invest during the contribution period and the duration in years for which the investment will have to be made.

Why Should I use the APY Calculator?

The Atal Pension Yojana is designed to provide guaranteed pension to the subscriber post retirement at the age of 60 years. However, the contribution amount is liable to change based on the age of the subscriber at the time of signing up as well as the desired monthly pension amount.

Moreover, this scheme is primarily targeted at individuals employed in the unorganised sector who might not have regular income. As a result, calculating the APY contribution required becomes necessary in order to determine the affordability of the scheme for the subscriber. Knowing this information ensures that the prospective subscriber can make an informed decision regarding whether this pension scheme suits their specific needs.

Who Can Open an APY Account?

When initially introduced, any Indian citizen between the ages of 18 and up to the age of 40 could open an Atal Pension Yojana (APY) account. As of 1st October 2022, this scheme is only open to individuals who have not been an income tax payer on or after the stated date.

Additionally, in order to make contributions to the APY account and receive the pension, the subscriber must mandatorily have a savings account with a bank or post office and an active mobile connection.

Benefits of Using an APY Calculator

Below are some of the key benefits of using an APY Calculator:

● It assists you in figuring out how your monthly contributions so that you are better prepared to reach desired financial objectives while ensuring that your retirement planning stays on track.

● It helps in personalised projections by taking into account your age, contributions you plan to make and the targeted pension amount after retirement.

● It is a quick way to check different combinations of age-contribution-pension amount so that you can determine the best estimate of the amount you must contribute to achieve the desired returns.

● Eliminates the need to look through complicated charts or perform complicated error-prone calculations to determine the investment need to subscribe to APY

In view of these key benefits, it is only natural that the APY calculator be included as a tool that is an integral part of the financial calculator toolkit at your disposal. Moreover, the APY calculator is free to use so you can change any of your inputs any number of times and check how your contributions increase/decrease in line with different pension requirement.

FAQs about APY Calculator

ARN: PCP/APYC/280624

Sources:

https://cleartax.in/s/atal-pension-yojana-apy-calculator

https://www.fundsindia.com/apy-calculator

https://www.npstrust.org.in/apy-calculator

https://groww.in/calculators/apy-calculator

https://www.thecalculatorsite.com/finance/calculators/apy-calculator.php

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