Know all about Atal Pension Yojana

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.

How to invest in a National Pension Scheme?

The National Pension Scheme is a scheme in which employers and employees both contribute, and the entire amount is paid to the employee after he retires. This scheme was introduced to facilitate systematic savings amongst employees of state and central governments and among common citizens. The NPS was put in to practice on 1st January 2004 with the intent of revolutionizing the pension scenario in India.

How does the National Pension Scheme work?

Under the National Pension Scheme, a customer can invest in several different pensions’ funds. Generally, investment of these funds is done by the Pension Fund Regulatory and Development Authority, and is handled by professional fund managers. You get an option to switch between various pension funds but you have to continue with your funds for at least a year before you switch from one to the other.

If you want to open NPS account online, you will have to start with two accounts- Tier-I and Tier-II. You will have to open a Tier-I account, in order to make yourself eligible for starting the Tier-II account. The difference between the two accounts is that the Tier-I account does not give you the freedom to withdraw money whenever you want. You can only do so, once you reach 60 years of age. Whereas when it comes to the Tier-II account, you can withdraw money whenever you like.

What documents are required for investing in the National Pension Scheme?

You will need to submit the following documents if you are planning to invest in the National Pension Scheme-

- Identity Proof such as Aadhar Card, PAN card, Ration card with a photograph, Passport, Water Bill, Bank Passbook, Electricity Bill and Job Card provided by NREGA. Anyone of these documents will suffice.
- Address Proof such as Ration Card with a photograph, Passport, Bank Passbook, Aadhar Card, PAN Card, Photo Identity Card etc.

How much investment do you have to make?

You will have to invest in the NPS scheme in the following way-

- You will have to invest at least Rs.6000 annually and the minimum one-time contribution is Rs.500. However, keep in mind that these figures are only applicable for Tier-I accounts.
- If you have a Tier-II account, you will have to invest at least Rs.2000 annually and Rs.250 one time.
All these funds can be contributed to, or invested in the form of cash or cheques.

The National Pension Scheme is one of the most favourable ways of saving money for your retirement. It encourages and fosters the habit of savings amongst people with the intent of showing them the value of having a retirement fund, and how it can tremendously help you in your old age.

What are different types of debit cards available in the market?

Debit cards have become a necessity for everyone these days; you can find almost everyone carrying a debit card with them. Debit cards are a convenient mode of payment. If you have a debit card with you, you will not have to carry a whole lot of cash for transactions and expenses and it will prevent you from overspending due to the limits imposed on debit cards. However, if you are not quite sure of the different types of debit cards available in the market, and how they work, then read on.

1. MasterCard Debit Cards
MasterCard is one of the biggest and widely used debit cards in the world and since they are very popular, almost all the major banks provide their customers with one. Because of its vast reach, you can use MasterCard to withdraw money from any bank in the world and not just India. You can also use this ATM card to shop from any foreign online store, which you cannot do with any and every debit card. Additionally, MasterCard boasts of a very impressive 24/7 customer service and resolves issues rapidly, and is also known for their lucrative customer benefits and rewards program.

2. Visa Debit Cards
Visa debit cards are the most popular form of ATM cards in India. Almost everyone has one and a majority of Indian banks have a tie-up with it. There are several reasons behind their popularity and they are as follows:
- The Visa Global Customer Assistance Service provides a 24-hour customer service, which makes it easier for customers to reach out them in case of any emergencies or doubts.
- The Verified by Visa (VBV) service ensures increased security when it comes to online transactions so that you can shop online without any tension and worries.
- The 24 Hour Concierge Service feature contributes to making things like hotel reservations, purchasing flight tickets, flight reservations, restaurant reservations etc. a lot easier.
- Their Visa ATM network is also very vast and provides a wide coverage.

3. Maestro Debit Cards
Maestro Debit Cards serve as the choice of over 1.5 Crore POS terminals in India except for a few. The biggest reasons for their popularity are their low transaction costs and the fact that they are fast and flexible. Maestro Debit Cards are protected by a very advanced security system, which makes them a very safe option for users. This card can well be used as an international debit card, in case you are travelling abroad. Due to all these reasons, it is the preferred choice of ATM card for the majority of banks out there.

4. RuPay Debit Cards
Ever since RBI has introduced RuPay in 2012, it has rapidly gained popularity amongst the masses. Many people, due to easy availability in rural areas and low transaction costs, consider using RuPay. It is also believed that this debit card is more flexible than its competitors are. In addition, it allows safe online transactions and secured payment at POS terminals.

3 things to consider before opening a demat account

A demat account stands for a dematerialized account and is the equity equivalent of your bank account. Your bank account is responsible for keeping and holding on to your savings, similarly, a demat account is responsible for holding your shares. However, before opening a demat account you need to take a few important factors into consideration, which are-

1. The reliability of your demat account platform
Almost all brokers these days provide you with access to your respective demat account through a single platform. Your credits and debits to your bank account and demat account along with the funding of your bank account take place very smoothly. Make sure that your demat services have a very strong technology platform which will ensure that the entire process takes place without a hitch. Generally, when you sell your shares, the demat trading account is debited the very next day and if you buy shares, then the account is credited within 2 days from the date of the transaction.

2. Smooth custody, broking, and banking
If your broker is a bank then all the three crucial activities of custody, broking and banking can function seamlessly. In case your custody and broking are impeccable and if you transfer money through UPI, NEFT, RTGS or any other authorized payment getaways, then you will not face any kind of hassles. However, keep in mind that many brokers charge a nominal amount for using an authorized payment getaway, so it is a better option for you to use UPI/ RTGS/ NEFT. Hence, the smoother these three activities work fewer chances are there for you to experience administrative issues.

3. Trading and demand are with the same broker
Before opening a demat account, make sure that your broker has a legitimate demat license so that he can open a trading-cum-demat account for you in one go. Next, you need to provide him with your debit instruction slip (DIS) on time, once you sell off your shares. In case you do not give him the DIS on time, it can lead to losses and bad deliveries. That is why it is better when your depository participant (DP) and broker are the same since it makes the entire process easier and more convenient. You can just go for online demat services and trading, and provide your broker with a power of attorney who will credit the account during purchase and debit at the time of sale. This will save you from a lot of hassles and extra responsibilities.

Selling shares can bring in a lot of money in your pocket but you will have to be very careful about handling and saving them. Along with your savings account, having demat trading account is always considered a smart decision. It always ensures that your shares are in a safe and secure place and which you can utilize whenever you deem fit.

6 ways to do smart grocery shopping online

Buying groceries is probably one task every person keeps avoiding. There is never enough time to go buy boring grocery until you completely run out of food. Online grocery shopping is a great way to eliminate the need to visit the grocery store to buy grocery and saves you time and money if you do it smartly. There is also no need to doubt the quality of online grocery as most sites sell fresh food and have easy return policies.

Follow these smart tips when you shop for grocery online and you will be surprised to see the time and money you save.

The List
Whether you buy online grocery or go to a store, making a list of the things you need is vital. Without a list, you are likely to buy things you do not need and miss the important things that you do. Furthermore, making a list makes the entire online grocery shopping faster.

Compare the Prices
As with any other commodity, the prices of various groceries vary from provider to provider. Check out a number of online grocery stores and compare the prices with each other and with the physical store in your area. This will save you a lot of time and money, even if it means spending a little extra time in your first few attempts. It is advisable to go for the bigger brands even if it means paying slightly more.

Online Grocery Shopping Coupons
No matter what you need, there is always a coupon for it if you are willing to look. A little research online for deals on online grocery can bring down your grocery expenses significantly.

Shipping Charges
Although you get to buy grocery from the comfort of your home, almost all the grocery come with shipping charges included. Check various sites for lower shipping charges. Additionally, most online grocery shopping sites exclude shipping charges on bulk orders above a certain amount. Buying over this specified amount is more profitable.

Pay using Online Wallet
Using an online wallet or card that offers you a discount on buying grocery online from certain online grocery shopping sites is another great way of saving money.

Buy Locally Available Generic Grocery
Although online grocery shopping sites spoil you for choices, it is best to avoid temptation. Locally available produce that is currently in the season have low prices and are fresh. If you are not buying for a fancy meal, it is best to go with these. You can extend the same principle to buying generic groceries over overpriced brands.

There are a large number of apps, which bring the grocery to your doorsteps, in a matter of minutes. Applying these tips when you shop next will vastly improve your savings. The best part is you do not need to spend any time going back and forth to the grocery shop.

The best mobile recharge apps of all time

Mobile phones have become as essential in life as food and water. From news to shopping, work to social media, everything occurs on this device. Imagine running out to balance when you have to make important calls or access the internet. It would be completely undesirable and can leave you stranded and helpless.

Mobile recharge apps solve this problem by allowing quick and easy online recharge of your mobile balance anytime, anywhere. Despite the multiple mobile recharge apps that are available, here is a list of the best.

Mobikwik
With more than 40 million users, Mobiwik allows fast and safe recharges online. You can store money in the online wallet or pay using credit cards, net banking, or a door-to-door cash collection service. It is authorised by the Reserve Bank of India and allows savings up to Rs. 500 on mobile recharge.

PayTM
Although PayTM covers a large range of services, mobile recharge is among its premium services. You can use the PayTM wallet to recharge your phone and avail several discounts on recharges. You also get access to special tariff plans and internet recharge plans exclusively for PayTM users.

FreeCharge
This app allows you to recharge your mobile through their wallet. You get a full refund of the cash in the form of coupons that you can use at a variety of retailers like Shoppers Stop, McDonald’s, Barista, Café Coffee Day, Cromā, Puma, etc. Therefore, this app offers you a phone recharge for virtually no money at all.

PhonePe
This recharge app allows you to link your bank account directly with the app. You can recharge your phone and send money to your friends. You also get bonuses for inviting your friends to use this app.

PayZapp
PayZapp by HDFC Bank can be used for safe mobile recharge. You do not have to load any money unlike other apps and the app links directly with your HDFC card, whose details remain secure. There are three security stops for every transaction. This assures the safety of highest quality.

With these online recharge apps handy, you do not need to worry about a last-minute mobile recharge. With a couple of clicks, your balance will be good to go in an instant. The best part is you can do it anytime from anywhere and end up making huge savings on your mobile bill.

A guide on how to shop online

Today everything from clothes to food is available on websites that assure quick delivery and finest quality. The shopping apps of e-commerce websites make accessing their services much easier and convenient.

However, if you are not aware of the intricacies of online shopping, here is a complete guide that tells you how to grab the best online shopping offers and get the best products.

Go Through the Reviews
Probably the most helpful tool when buying through shopping apps, customer reviews give you an insight into the actual quality of the product. However, be careful about trusting the review if the reason for liking or disliking a product is not specified.

Research the Prices
When it comes to online shopping, research is your best friend. Different e-commerce websites have different prices for the same item. Check out several websites to find the product that you want at the best price.

Online Shopping Offers
Check different websites to get the best online shopping offers for the product you wish to buy. There is usually an offer that you can avail! The only catch is you have to dedicate some time online to look for online shopping offers that you can use.

Return Policy
Always buy products, which you can return without any charges in case of defects. Read the return policy carefully to find out if you can only exchange the size or get a new product when there are defects in the product. Some policies will return the money to your account in case of discrepancies while others will not. You might also have to pay for the shipping of the item you return.

Shipping Costs
A product that appears inexpensive may not be that cheap after adding the shipping charges. Shopping apps usually show the price of the product without shipping costs at first and then add it to your final bill. Remember to check it before you hit buy!

Check the Warranty
This is applicable for gadgets and electronics. Be careful about investing in such products that come without warranty.

The Fibres
If you are buying clothes or fabrics online, check its material. The fibre affects the way the fabric hangs around your body and the way it looks in general. Unless you check this, you may be in for a disappointment and end up with clothes that look nothing like you imagined you would get.

Keeping these basics in mind will help you make the best of your shopping experience. Now that you know the little details of online shopping, all you need to do is go on an online retail therapy. Happy shopping!