Pradhan Mantri Atal Pension Yojana

Pradhan Mantri Atal Pension Yojana

With the several schemes and subsidies that the present government of India is launching, it can be said that this new government is really concerned about the common people, especially the economically backward class and the women of our society. The Indian government is also striving hard to make life easier for the old aged people or the retirees. The introduction of Atal pension Yojana was such a leap towards the betterment of old aged people. This welfare scheme offered financial security to the poor who have been working in unorganized sector. This plan encouraged them to make savings before they retire. No doubt this boosted the financial confidence and supports them in old age when they need it the most.

Pradhan Mantri Atal Pension Yojana

The administration

The APY is actually administered by the PF RDA and this has benefitted the employed people in the private sectors. The Atal Pension Yojana is going to offer you with a minimum pension of Rs 1k, 2K, 3k, 4k and 5k, for the workers who are citizens of India and employed in unorganized sector. These monetary benefits can be claimed by an individual once the 60 years age is reached. The amount of pension will vary from 1k to 5k and that will be solely dependent on the amount subscribed by the individual.

Criteria

Any individual who is the citizen of India is welcome for joining the pension scheme. But the following criteria need to be met for applying for this Yojana.

The minimum age is 18 years and the age must not exceed 40 years while applying. The person needs to have a savings bank account in his/her name or he/she can opt for a new one before applying for this scheme.

The potential applicant needs to possess a mobile number that will be registered with the bank with full details. The government co-contribution will be available for the subscribers who are applying from 1st June 2015 till the 31st Dec 2015. The government will be supporting the workers who do not have the social security coverage and does not fall under the taxable income.

Benefits

There are certain benefits of joining Atal Pension Yojana. You will be impressed with the con-contribution for the period of 5 years. The contribution amount will be either Rs 1000 per annum or 50% of the total amount of contribution towards the scheme. The account holders will have the benefit from this co-contribution from financial years that will start from 2015 till 2019.

To apply for APY, contact the bank where you have a s/b account.

Take the registration form and fill it carefully.

Provide all necessary details, mobile number and other contact details. Make sure to maintain the minimum balance in the savings account. The contributory amount will be deducted from your card from monthly basis.

SL NO Facts to know Brief details
1. Mode of contribution Every payment will be made from the savings bank account of the beneficiary.
2. Due date for contribution Initial date of deposit. The date is non flexible
3. Eligibility to get govt contribution Must be a tax payer and needs to join APY before December 2015.
4. If no payment for 6 months Account will be frozen
5. No payment for 12 months Account will be deactivated.

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