Key Features of APY:

• Guaranteed pension: You choose a fixed monthly pension amount (Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 or Rs. 5,000) you will receive after reaching 60 years of age.
• Contribution: You contribute a fixed amount monthly depending on your chosen pension amount and your age of enrollment. The government co-contributes up to a certain limit.
• Eligibility: Open to all Indian citizens between 18 and 40 years with a savings bank account.
• Tax benefits: Contributions to APY may be eligible for tax deductions under Income Tax Act.

Benefits of APY:

• Provides financial security: Guaranteed income after retirement.
• Government co-contribution: Encourages saving for retirement with additional support from the government.
• Flexible contributions: Choose a contribution amount that fits your budget.
• Easy enrollment: Sign up through your bank or post office.

Some Things to Consider:

• Long-term commitment: You need to contribute regularly until 60 years of age to receive the pension.
• Early exit limitations: Limited options for early withdrawal.
• Market returns not applicable: The return is fixed, not based on market performance.