Atal Pension Yojana is a social security scheme that provides monthly pension to its subscribers. It is a defined contribution scheme where a fixed contribution is made for a defined number of years and pension is received after the subscriber turns 60 years.
The scheme was launched by the Government of India primarily for the people in the unorganized sector. Under this scheme, the subscribers can get a pension between Rs. 1,000 to Rs. 5,000 per month depending on their contributions to the scheme. The contributions to the scheme depend on the monthly pension and the age of the subscriber when he joins the scheme.
A subscriber can join APY when he turns 18 years and the maximum age for joining is 40 years. This scheme is primarily managed with the Aadhar number of the subscriber and his mobile number. Any Indian citizen can open an APY account in a bank or the post office.
In case the subscriber dies after 60 years, the spouse gets monthly pension till the spouse’s death. In case both the spouse and the subscriber die, then the nominee will get pension based on the accummulated balance. If the subscriber dies before reaching 60 years of age, then the spouse has an option to quit the Atal Pension Yojana or to continue subscribing to it for the remaining years.
How to invest in Atal Pension Yojana?
To invest in APY, you will need to open an APY account. This account can be opened either online or offline in any bank or post office where you maintain a savings account. In case you do not have a savings account in that particular bank, you will have to open a new account.
Open APY account online:
Some of the leading banks allow the customer to open an APY account online. Once this account is opened, you need to transfer the minimum initial contribution to keep the account activated. The yearly or monthly contributions will have to be paid into this account. These contributions can be paid either via credit or debit card, net banking, mobile banking, UPI.
Open APY account offline:
Any Indian citizen can visit a bank branch or post office branch to open an APY account by filling in a form and submitting the relevant documents. The amount of initial contribution and associated charges will also have to be paid at the time of account opening.
Yearly contributions can be made by online transfers to the scheme or by depositing cash or cheque directly into the APY account. However, it is worth noting that if contributions are not made in time then there are penalties that the subscriber has to incur.
The scheme was launched by the Government of India primarily for the people in the unorganized sector. Under this scheme, the subscribers can get a pension between Rs. 1,000 to Rs. 5,000 per month depending on their contributions to the scheme. The contributions to the scheme depend on the monthly pension and the age of the subscriber when he joins the scheme.
A subscriber can join APY when he turns 18 years and the maximum age for joining is 40 years. This scheme is primarily managed with the Aadhar number of the subscriber and his mobile number. Any Indian citizen can open an APY account in a bank or the post office.
In case the subscriber dies after 60 years, the spouse gets monthly pension till the spouse’s death. In case both the spouse and the subscriber die, then the nominee will get pension based on the accummulated balance. If the subscriber dies before reaching 60 years of age, then the spouse has an option to quit the Atal Pension Yojana or to continue subscribing to it for the remaining years.
How to invest in Atal Pension Yojana?
To invest in APY, you will need to open an APY account. This account can be opened either online or offline in any bank or post office where you maintain a savings account. In case you do not have a savings account in that particular bank, you will have to open a new account.
Open APY account online:
Some of the leading banks allow the customer to open an APY account online. Once this account is opened, you need to transfer the minimum initial contribution to keep the account activated. The yearly or monthly contributions will have to be paid into this account. These contributions can be paid either via credit or debit card, net banking, mobile banking, UPI.
Open APY account offline:
Any Indian citizen can visit a bank branch or post office branch to open an APY account by filling in a form and submitting the relevant documents. The amount of initial contribution and associated charges will also have to be paid at the time of account opening.
Yearly contributions can be made by online transfers to the scheme or by depositing cash or cheque directly into the APY account. However, it is worth noting that if contributions are not made in time then there are penalties that the subscriber has to incur.
No comments:
Post a Comment