ATAL PENSION YOJANA

 ATAL PENSION YOJANA

ABOUT ATAL PENSION SCHEME- 

The Atal Pension scheme is aimed at people who want to save a lesser amount of money for a fixed pension (primarily daily wage workers who are unable to save for their future), once they give up work. People working in the private sector, who are neither tax-payees nor a part of any other social security scheme, can also like its benefits. All eligible family members can subscribe to APS in their names for higher pension plan welfares to their families.

 Suitability criteria to join the Atal Pension Scheme are as under:

·         Consumers who hold a valid savings account qualify to open an Atal Pension     scheme account.

·      The age of the aspirant must be between 18 and 40 years

·       Each aspirant must have a mobile number that he has to register at the time of   application.

BENEFITS OF ATAL PENSION YOJANA

     ·      Feature to Increase Contribution :  As clarified formerly, you are eligible         to receive the pension from Atal Pension Scheme after you become 60                 years old. The    amount you get as a pension depends on the input you make       towards this scheme. Various contribution regulate different pension                  amounts. Therefore, this can be in a  approach that you decide to  make              larger  contributions to get a higher amount of  pension future. To variation        the amount  of corpus, the government of India allows increasing and                  decreasing facility for the amount of contribution. This facility is provided          once every year.

·         Automatic Debit:  One of the finest parts of Atal Pension scheme is the feature of  automatic debit. As a receiver of this scheme, you can link your bank account with your Atal Pension scheme account, and your monthly contribution is directly debited. The account that you link with your APY account should have a enough balance for automatic debit falling which can appeal a penalty.

·        Age Restrictions: Those who are more than 18 years and are less than 40 years are eligible to invest in this scheme. Therefore, students of the college can invest in Atal Pension Yojana for creating a corpus for their old age. In addition to this, 40 years is set as the maximum age to get this scheme. This is to ensure that you make contributions for at least 20 years.