Sir back again with a query for your help.
Sir, is there any normal option to come out from Atal Pension Yojna before its term maturity.
Is this scheme a good option for saving.
Asad-Exit rules for APY were now simplified. You can exit easily from this scheme. To do this, visit your bank and apply for it. But do remember that You will get only the amount you invested+interest on it (excluding the fee and expenses). Also, you will not receive any Government contributed amount and return on if (if you were eligible for that).
sir what will be the interest %
And Sir , I can exit the scheme at any time without any hindrance. So under what conditions Sir
Asadkhan-That will be unknown. But I expect around 7% to 8% return.
Asad-Yes, you can withdraw at any point of time without any CONDITION.
Sir, my wife is 24 yrs. So according to scheme she has to deposit for 36 yrs. Sir if she withdraw the scheme at 35th year, then will she get the total amount deposited alongwith interest. And sir what will be the interest % on her contribution.kindly help Sir. Thanks
Sir according to 8% the amount will be around 8 lacs. Is it Sir according to you. Then she will not get pension also. kindly reply Sir
And Sir last question.The APY amount withdrawn at the 35th yr will be taxable and tds deduction.According to you which would be best APY or Mutual Fund Debt Scheme for 35 yrs. In whom shall I get better maturity.Thanks Sir
Asad-How much you deposit I dont’ know. So hard to say the exact figure. Also, the 8% is an assumption. Once you withdraw the scheme amount, then how can you expect the pension? Yes, as per current tax regime the return from APY will be taxable. But there is no TDS. According to me if your retirement is long term, equity is the best.
Sir 346 per month for 35 yrs.
Thanks a lot Sir.Sir what are the payment options of APY. Can I pay it half yearly basis
Asad-Even in that case too, our assumption works out to be like approximate.
Asad-Contribution will be MONTHLY only. The date of such monthly investment will be the first month date. The same date will follow for next investment period.
Sir, but in the google I saw that investment can be on monthly, quarterly and half yearly basis.
Sir, 12% return from an investment for 35 years is a good or not.kindly suggest sir
Asad-Yes, you can consider that much ideally.
Asad-Refer THIS FAQs. It is clearly mentioned as monthly “All the contributions are to be remitted monthly through auto-debit facility from savings bank account of the subscriber.”
Sir, I calculated the returns of lic plan no. 830 is 9.15% for its maturity
Asad-9.15%? Tell me how? I know it will not cross more than 8%.
Age 24 yrsterm 16 yrsppt 8 yrssa 300000premium annually 29000total premium 29000*8 = 232000therefore 232000/16 yrs = 14500 annualytherefore 14500/12 mnths = 1208 monthly.So take SIP calculation for 16 yrs.1208*16 yrs*9.15% = 523500total maturity 523500total premium paid 232000double of the investment amount as like PPF.Thanks Sir.
Lic plan no. 830 .For term 16 yrs and ppt 8 yrs return is 9.15%For term 21 yrs and ppt 8 yrs return is 9.69%.Thanks Sir.
Asad-Can you elaborate why LIC and PPF and do it in detail. I am unable to understand at all.
Asad-But how that 9.69%??
yes sir for longer duration some % increases.Thanks Sir.Sir kindly suggest me tax free bonds.And Sir NPS is a good option or not for investment.kindly advise me sir regarding the above.Thanks Sir
Asad-The problem with you is, not having proper goals. But searching too many options for investments and doubts whether this or that product suites to me or not. Set your goals..rest product selection will ease itself.
Sir today I went to the bank and the manager showed me the options for paying APY. They were as monthly, quarterly and half yearly.Sir my tpayment term is for 36 yrs so can I come out of it on 35th yr.Thanks Sir.
Asad-I am not sure of bank. But my conclusion is from APY FAQs. Yes, you can come out of it after 35th year. But think twice, is it a BEST retirement product or not.