Atal Pension Yojna full Detail
To join the scheme one needs to have a savings bank account, Aadhaar and active mobile number. If a person takes this scheme after 60, he has to invest at least 20 years to get pension
If you have not taken any pension plan till date and you want to take a plan in which you want to be entitled to a pension by paying less then the Central Government’s Atal Pension Scheme is right for you. Under this, on reaching the age of 60, one gets a pension of Rs.1000 to Rs.5000 per month. It can be invested by a person between the ages of 18 and 40.
Anyone between the ages of 18 and 40 can open an account
- Anyone between the ages of 18 and 40 can open an Atal Pension Scheme account
- To join the scheme, one needs to have a savings bank account, Aadhaar and an active mobile number
- If a person takes this scheme, he has to invest at least 20 years.
- Investors can invest monthly, quarterly or semi-annual i.e. for a period of 6 months.
- Contribution will be auto debited. That is, the fixed amount will be automatically deducted from your account and credited to your pension account.
- How much will be deducted depends on how much pension you want after retirement.
- In it you can claim tax benefit up to Rs 1.5 lakh under section 80c.
You can make a contribution of Rs 42 to 210 per month
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- For a pension of Rs 1,000 to Rs 5,000 per month, the subscriber will have to pay from Rs 42 to Rs 210 per month. This will happen when the plan is taken at the age of 18.
- On the other hand, if a subscriber takes up the scheme at the age of 40, he will have to make a monthly contribution ranging from Rs 291 to Rs 1454.
- The more the subscriber contributes, the more pension he will get after retirement. However, it should not exceed Rs 5,000. That is why the contribution will also be according to it.
- How to open an account
You can open an account by going to any bank
- You can download the Atal Pension Plan form online
- You will have to fill up this form and deposit it in the bank branch
- In addition, a photocopy of your mobile number and Aadhaar card will also have to be submitted.
- You will receive a confirmation message after the application is approved.
- An online account can be opened in SBI
Eligibility of the beneficiary of Atal Pension Scheme
The Atal Pension Scheme (APY) is for all Indian citizens between the ages of 18 and 40. To avail the benefits of this scheme, everyone has to pay the amount fixed by the government for at least 30 years. Any bank account holder who is not a member of any such social security scheme can avail this scheme.
For a monthly pension of Rs.1000 / – to Rs.3000 / -, the beneficiary will have to pay an age based contribution of Rs.5 / – to Rs.21 / -.
The level of contribution will vary with the age of the person. A person who joins at a younger age will have less contribution and more for older age.
To encourage investment in this scheme, a new account will be credited to the account holder by the Central Government before 31-12-2017 within a maximum limit of Rs.1000 / – per annum or whichever is less than 50% of the total contribution in the account. (From 2013-14 to 2017-20) The savers of the present Rashtriya Swavalamban Yojana will be automatically transferred to the Atal Pension Yojana.
To take advantage of this scheme
The account holder has to fill up the authorization form and submit it to his bank. In which details of account number, spouse and nominee (heir) have to be written. Under this scheme, the account holder has to ensure that there is a fixed amount in his account every month. If that doesn’t happen, it’s time to dump her and move on. These penalties are normal, such as Rs 1 for every Rs 100, Rs 5 for 101 to 200 contributions, Rs 5 for Rs 201 to Rs 1,000 and Rs 10 for more than Rs 1,001.
If payment is not made … If payment is not made for 6 months, the account holder’s account can be sealed. If payment is not made within 15 months, the account holder’s account is deactivated. The account of the person who does not make this payment for 6 months is completely closed. Anyone who does not have an account has to open a bank account first and provide Aadhaar card and KYC information. At the same time, the form of ‘APY’ has to be submitted. If you want to exit the plan …
Under normal circumstances, an account holder in Atal Pension Scheme cannot opt out of Atal Pension Scheme till the age of 60 years. The account can be closed only in certain special circumstances, such as after his death.
If you have an account with SBI Bank, you can avail this scheme through Net Banking
- You must first login to SBI to apply.
- Then click on the e-Services link
- A new window will open with a link to the Social Security Scheme. There you have to click.
- Then you will see 3 options, PMJJBY / PMSBY / APY. Here you have to click on APY i.e. Atal Pension Plan.
- Then you have to fill in your complete information. In which correct account number, name, age and address information should be given.
- Which option are you choosing in the pension option, such as Rs. 5000 per month
- Monthly contributions will then be determined based on your age.