APY (Atal Pension Yojana) Calculator
The Atal Pension Yojana or APY is a pension scheme,intiated in the Union Budget of the year 2015 – 2016, and it selected individuals who were employed in the unorganized sector. This scheme is also open to the private sector. However, it does not have any pension benefit.
At the age of 60, an individual employee can opt for a pension of either Rs.1,000, 2,000, 4,000 and 5,000. This pension depends on their offerings to the schemeand the age at which they will start the subscription towards the scheme. This pension can be declared by the partner upon the death of the account holder. The collected funds of this scheme are headed by the Pension Funds Regulatory Authority (PFRA) of India.
How Does APY (Atal Pension Yojana) Calculator help you?
The APY(Atal Pension Yojana)Calculator is a device that allows you to find out the real interest received on investment in the pension scheme. The APY(Atal Pension Yojana) Calculator may be used to discover the amount of pension you want to receive along with the age at which you should apply for this scheme. This calculator also helps you avoid mistakes. Therefore,this software is helpful to all the private sector employees and public sectoralso.
The Atal Pension YojanaCalculator can help you in these ways:
- The final resultcalculations instantly.
- The right time of investment.
- It helps you to understand if the pension scheme lines up with your financial goals and aims.
How Does the APY or Atal Pension Yojana Return Calculator Work?
The APY(Atal Pension Yojana) calculator calculates APY considering two values:compound frequency and interest. You can compare a sum total offers with different compounding terms by using the options in the second box.
For example, observe the following offers:
Annual interest rate of 1% is compounded, APY = 1%.
Interest rate of 0.75% compounded periodically, APY = 0.702%
APY = 0.501 %, interest rate of 0.5% compounded daily
As we know the greater the APY value, the better is the offer. Calculating APY discloses that the first of the illustrative offers pays the highest.
The formula followed to calculate APY or Atal Pension Yojana:
APY =(1 + r/n)n – 1
Here,
r – the interest rate.
n – number of times the interest is composed of every year.
How to Use the APY or Atal Pension Yojna Calculator?
To use the calculator one needs to follow the stepsbelow:
Step 1: Select your age on the calculator.
Step 2: Select the amount required as a pensioner.
Advantages of Using the Calculator APY or Atal Pension Yojana
The Atal Pension Yojana (APY) was evolved with the intention of focusing on all the Indian citizens especially those engaged in the disordered sector and who does not have any official pension. This plan motivates these employees to save for their retirement.
Below are some of the advantages of using the APY(Atal Pension Yojana)Calculator:
- It helps you to determine how the outcome may be effective to you as well as your financial goal.
- It is a quick source to know the result of your investment.
- You can prepare data according to your preferences.
- You can find calculations instantly without any kind of assistance.