If you are someone who belongs to the informal or unorganized sector, then the Atal Pension Yojana is a godsend for you. Introduced by the Indian government in 2015, this pension-based scheme aims towards encouraging the habit of saving for retirement amongst daily wageworkers. In addition, not just daily wageworkers, people who have private sector jobs can also apply and invest in this scheme.
Features of the Atal Pension Yojana
In order to have a better understanding of APY, you need to be aware of the important features of the scheme, which are-
• Co-contribution by the Government of India
In order to encourage more people to invest in the Atal Pension Yojana, the government will also contribute for the duration of 5 years i.e. from 2015 to 2020. All these contributions will be sent to the accounts activated between June 1 to December 31, 2015. All the respective customers must keep in mind that they are not covered under the Statutory Social Security Schemes and must not be income taxpayers. In order to get the government’s investment, you need to invest regularly every month during the entire course of a year. It is only then that the Government of India will put in their 50% of their monthly contribution in your account.
• Subscriber payment/enrolment
If you have a valid bank account, then you can utilize the auto-debit service for making payments to your APY account on a monthly, quarterly and half-yearly basis. However, remember to make all your payments on time, otherwise, you might be subjected to penalties. Moreover, if you do not make monthly investments, then the government can close your account and penalize you.
• The investment made by the customer
If you start investing in your APY account from the age of 18 years and pay Rs.42 every month, then you will be getting Rs.1000 as your pension amount after you retire. The monthly investment will vary from person to person, as it will depend on your duration and when you joined the Atal Pension Yojana scheme. If you have a debit card, then you can use the auto-debit feature for making your monthly payments. In case you decline the payment, then you have the freedom to re-enter the scheme by paying the due principal amount for the exact tenure along with the rate of interest.
Eligibility criteria for the Atal Pension Yojana scheme
In order to invest in the Atal Pension Yojana scheme, you need to fulfil their eligibility criteria. The Atal Pension Yojana eligibility criteria are as follows-
• People aged between 18 years to 40 years only can apply and invest in this scheme
• The government also invests in this scheme but only for a few specific customers
• Only customers who have an active and valid savings account can open an APY account
• It is mandatory for you to have to a valid mobile number which you will need to register during the time of application
The Atal Pension Yojana serves a very useful cause that will not just help you inculcate the habit of saving but will also make sure that you get to spend your sunset years and retirement with peace of mind.
Features of the Atal Pension Yojana
In order to have a better understanding of APY, you need to be aware of the important features of the scheme, which are-
• Co-contribution by the Government of India
In order to encourage more people to invest in the Atal Pension Yojana, the government will also contribute for the duration of 5 years i.e. from 2015 to 2020. All these contributions will be sent to the accounts activated between June 1 to December 31, 2015. All the respective customers must keep in mind that they are not covered under the Statutory Social Security Schemes and must not be income taxpayers. In order to get the government’s investment, you need to invest regularly every month during the entire course of a year. It is only then that the Government of India will put in their 50% of their monthly contribution in your account.
• Subscriber payment/enrolment
If you have a valid bank account, then you can utilize the auto-debit service for making payments to your APY account on a monthly, quarterly and half-yearly basis. However, remember to make all your payments on time, otherwise, you might be subjected to penalties. Moreover, if you do not make monthly investments, then the government can close your account and penalize you.
• The investment made by the customer
If you start investing in your APY account from the age of 18 years and pay Rs.42 every month, then you will be getting Rs.1000 as your pension amount after you retire. The monthly investment will vary from person to person, as it will depend on your duration and when you joined the Atal Pension Yojana scheme. If you have a debit card, then you can use the auto-debit feature for making your monthly payments. In case you decline the payment, then you have the freedom to re-enter the scheme by paying the due principal amount for the exact tenure along with the rate of interest.
Eligibility criteria for the Atal Pension Yojana scheme
In order to invest in the Atal Pension Yojana scheme, you need to fulfil their eligibility criteria. The Atal Pension Yojana eligibility criteria are as follows-
• People aged between 18 years to 40 years only can apply and invest in this scheme
• The government also invests in this scheme but only for a few specific customers
• Only customers who have an active and valid savings account can open an APY account
• It is mandatory for you to have to a valid mobile number which you will need to register during the time of application
The Atal Pension Yojana serves a very useful cause that will not just help you inculcate the habit of saving but will also make sure that you get to spend your sunset years and retirement with peace of mind.
No comments:
Post a Comment