Pension: After retirement, your income needs can be met through pension. Here we are telling a great way to invest in some schemes started by the Modi government, in which pension can be obtained after retirement by investing.
Retirement Plan: If people have not saved and there is no source of income, then people may have to face a lot of problems after retirement. In such a situation, it is necessary that people should go ahead with their retirement plan.
The time after retirement is considered a time of rest. It is about spending quality time with your grandchildren. However, in order to enjoy your retirement, it has to be ensured that you have a steady source of income even if you are not employed or have your own business. In such a situation, pension is very useful.
After retirement, your income needs can be met through pension. Here we are telling a great way to invest in some schemes started by the Modi government, in which pension can be obtained after retirement by investing. This helps you to meet your expenses as well.
Atal Pension Yojana (APY)
Atal Pension Yojana is a government social security scheme that provides a steady income after retirement. Anyone between the age of 18 to 40 years with a bank account can subscribe to this scheme. Subscribers have the option of receiving a minimum monthly pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000. Pension is paid at the age of 60 years.
Senior Citizen Savings Scheme
This is another government scheme for senior citizens in which you need to deposit a minimum of Rs 1,000 and a maximum of Rs 30 lakh to get regular income and tax benefits. The account can be opened by any individual of the age of 60 years or more or jointly with the spouse.
Retired personnel of Defense Services can open the account on attaining the age of 55 years. By depositing in this account, you can claim income tax deduction under section 80C of the Income Tax Act. In this scheme, interest is payable on quarterly basis.
Post Office Monthly Income Scheme (POMIS)
POMIS account can be opened by depositing a minimum of Rs 1000 and a maximum of Rs 9 lakh. A maximum of Rs 15 lakh can be deposited for joint accounts. The maturity period of POMIS is five years from the date of account opening. Interest is paid monthly at the rate of 7.4% per annum.
National Pension Scheme
This scheme can also provide regular income after retirement. Each subscriber of this scheme is given a unique Permanent Retirement Account Number (PRAN). You can open two types of accounts under this scheme.
You have to make a minimum contribution of Rs.500 in Tier 1 account and Rs.1000 for opening Tier 2 account. You can claim deduction u/s 80CCD of the Income Tax Act in Tier 1 for the contribution made in Tier 1 account but no such benefit is available in Tier 2 account.
