APY Calculator

What is Atal Pension Yojana?

Atal Pension Yojana (APY) is a government-backed pension scheme launched in 2015 to provide financial security to unorganized sector workers. The scheme ensures a fixed monthly pension ranging from ₹1,000 to ₹5,000 after the age of 60.

Under APY, individuals aged 18 to 40 years can contribute monthly, quarterly, or yearly. The contribution amount depends on age and desired pension amount. The government provides co-contributions for eligible subscribers, making it an attractive retirement plan.

For example, if a 25-year-old subscriber wants a ₹5,000 monthly pension, they need to contribute around ₹376 per month until they turn 60. APY ensures social security and a guaranteed pension, making it an ideal choice for long-term retirement planning.

How does the Atal Pension Yojana Calculator work on Jainam?

The Jainam Atal Pension Yojana Calculator helps users estimate their monthly contribution based on:

• Age of entry (between 18-40 years).
• Desired pension amount (₹1,000 to ₹5,000 per month).

To use it:

• Enter your age.
• Select your target monthly pension.
• The calculator will compute and reflect the estimated monthly contribution amount for the desired result.

For example, a 30-year-old aiming for a ₹3,000 pension at retirement may need to contribute ₹577 per month. The calculator ensures accurate financial planning, helping users decide how much to save for a stable post-retirement income.

Can I adjust my inputs in the Atal Pension Yojana Calculator?

Yes, the Atal Pension Yojana Calculator allows users to adjust their inputs such as:

• Age of joining (18 to 40 years).
• Desired pension amount (₹1,000 to ₹5,000 per month).
• Contribution frequency (monthly, quarterly, or yearly).

For example, if a user initially selects ₹2,000 as the pension goal but later wants ₹5,000, they can modify their input, and the calculator will display the revised contribution amount.

This flexibility helps users compare different contribution scenarios and select the most suitable plan based on their financial capacity and retirement goals.

Is the Atal Pension Yojana Calculator accurate?

Yes, the Atal Pension Yojana Calculator provides precise estimations based on the official contribution chart issued by the Pension Fund Regulatory and Development Authority (PFRDA).

However, while the calculations are accurate, they depend on fixed pension slabs and do not consider inflation or policy changes. Users should use the calculator as a guidance tool rather than an absolute predictor.

For example, if a 35-year-old wants a ₹2,000 pension, the calculator correctly estimates their required monthly contribution of around ₹902. While this figure is reliable, users should check for any scheme updates before making decisions.

What are the benefits of using Atal Pension Yojana Calculator?

• Quick estimation of required contributions.
• Easy comparison of pension plans based on different age and pension goals.
• Financial planning support for retirement security.
• User-friendly interface with instant calculations.
• No manual calculations required, reducing errors.

For example, if a 28-year-old user wants a ₹4,000 pension, they can instantly check their contribution requirement (around ₹792 per month). This helps them plan their savings efficiently without confusion.

Who can apply for Atal Pension Yojana?

Any Indian citizen aged 18 to 40 years can apply for Atal Pension Yojana (APY), provided they:

• Have a savings bank account.
• Do not already receive benefits from any government-backed social security scheme.
• Can contribute to APY until they turn 60 years old.

For example, a 23-year-old self-employed individual can apply and contribute ₹318 per month to receive ₹5,000 pension after retirement. Those who join at an older age will need to contribute higher amounts for the same pension.

Eligibility Criteria for the Atal Pension Yojana Plan

The below-mentioned categories are not eligible for the Atal Pension Yojana Plan:

• Individuals above 40 years of age.
• Those already receiving benefits from a government-backed social security scheme.
• Non-Indian citizens.
• Individuals unable to contribute regularly until retirement.

Can I change my pension amount in Atal Pension Yojana?

Yes, APY subscribers can increase or decrease their pension amount once per year.

For example, if a 30-year-old initially selected a ₹2,000 pension but later wants ₹4,000, they can update their plan. However, this will increase the monthly contribution accordingly.

Subscribers should check the updated contribution chart to see how their new pension target affects their savings.

What happens if I stop paying APY contributions?

If an APY subscriber misses payments, penalties apply:

• Monthly penalty of ₹1 to ₹10 based on contribution amount.
• If no payments are made for:
• 6 months – Account gets frozen.
• 12 months – Account gets deactivated.
• 24 months – Account gets closed permanently.

For example, if a subscriber's monthly contribution is ₹500 and they stop paying for 6 months, the account may get frozen, and they will need to pay penalties to reactivate it.

Is Atal Pension Yojana better than PPF for retirement?

APY and PPF (Public Provident Fund) serve different purposes:

• APY offers a fixed pension after retirement but no lump sum withdrawal.
• PPF provides flexible withdrawals but does not guarantee a fixed pension.

For example, a 35-year-old investing in PPF can withdraw money after 15 years, while an APY subscriber gets fixed pension benefits only after 60.

If someone wants regular post-retirement income, APY is better. For lump sum savings with flexibility, PPF is a better choice.

Can NRIs apply for Atal Pension Yojana?

No, Non-Resident Indians (NRIs) are not eligible for Atal Pension Yojana. The scheme is exclusively for resident Indian citizens with a valid savings bank account.

However, if an existing APY subscriber moves abroad and becomes an NRI, they can continue contributing but cannot open a new APY account after becoming an NRI.

For example, if an Indian citizen living in Mumbai enrolls in APY but later shifts to Canada, they can continue their contributions but cannot apply as an NRI.