Government Schemes
The Government of India offers several schemes to assist citizens in financial planning for retirement and savings. Here are some key initiatives:
National Pension System (NPS)
A voluntary, defined-contribution retirement savings scheme open to all citizens. Subscribers contribute regularly to their pension account during their working life, and upon retirement, can withdraw a part of the corpus while the remainder is used to provide a monthly pension.
Atal Pension Yojana (APY)
Targeted at workers in the unorganized sector, APY provides a guaranteed minimum monthly pension ranging from ₹1,000 to ₹5,000, depending on the subscriber’s contribution and age at entry. The scheme is open to individuals aged 18 to 40 with a bank account.
Senior Citizens Savings Scheme (SCSS)
Designed for individuals aged 60 and above, SCSS offers a regular income stream with a tenure of five years, extendable by three years. It provides attractive interest rates and is available through certified banks and post offices across India
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
A pension scheme for senior citizens aged 60 years and above, offering an assured return on the purchase price. The scheme has a tenure of ten years, and pension payments are made monthly, quarterly, half-yearly, or yearly, as per the subscriber’s choice.
Indira Gandhi National Old Age Pension Scheme (IGNOAPS)
Part of the National Social Assistance Programme, IGNOAPS provides a monthly pension to citizens aged 60 years and above who live below the poverty line. Beneficiaries aged 60–79 receive ₹200 per month, and those 80 years and above receive ₹500 per month.
