You Need to Know About Atal Pension Yojana
Atal Pension Yojana is one of the best retirement benefits available in India today. It was launched in 2015 and has quickly become one of the top pension plans in the country. If you’re planning to start investing your money in some sort of retirement plan, this post will give you everything you need to know about Atal Pension Yojana, including how it works, how much it costs, and how you can apply!
Who Can Join?
Any resident of India who is between 18 and 40 years old, employed or self-employed, and earning a minimum of Rs. 15,000 can join APY. The scheme will cover all citizens aged 18–40 years with no upper age limit. However, one needs to be an Indian citizen for at least five years before becoming eligible for joining. This means that if you are a non-resident Indian (NRI), you have been away from India for more than 182 days in any year or have not stayed in India for 730 days during 10 consecutive years preceding your application date, you are not eligible to enroll under APY.
What Is APY ?
The government is coming up with a new pension scheme for unorganized sector workers, particularly those belonging to sectors such as retail, construction and others. The scheme that has been christened as APY (Atal Pension Yojana) will aim at providing social security cover for such labourers and help them build a secure future for themselves. However, here’s what you need to know about it in detail.
How To Join APY ?
First of all, you need to be one of these four categories: (1) an individual between 18 and 40 years old, (2) a woman between 18 and 40 years old who is either a Sashastra Seema Bal (SSB) or Central Reserve Police Force (CRPF) personnel or a Kargil widow , (3) an individual above 40 years of age with less than 10 years’ service left before retirement, or any individual above 50 years of age.
Benefits of APY
The Atal Pension Yojana (APY) has been launched with a view to provide financial security after retirement. APY is a pension scheme that will enable all Indians above 18 years of age who are not otherwise eligible for any other pension scheme, whether administered by government or private entities, to save for their old age. The scheme also aims at supplementing and supporting pension provided by government and/or other legal entities.
What If I Miss The Deadline?
Because deadlines are usually posted well in advance, it’s always a good idea to check with your instructor or department administrator if you think you might miss a deadline. You can be assessed a late penalty fee if it’s not your fault and you notify them before it’s due. Don’t assume that just because something is due on Friday that you have until Monday to finish—this is not always true! Don’t Procrastinate: Procrastination is one of those things we all do (even though we know better). A good way to avoid procrastinating is by breaking down big projects into smaller steps. For example, rather than trying to write an entire paper at once, set aside time each day for writing; use that time as motivation for finishing your paper early so you don’t have to worry about it later.
Are There Any Deductions In My Pension Amount?
No, there are no deductions from your pension amount. The monthly pension payment is directly credited into your bank account on every 15th and 30th of a month in equal installments. Once you start receiving pensions, you do not have to do anything else. The pension will be credited into your bank account automatically. You can check that at NPS Operations WebsiteWebsite or by calling them up on 022-61174545 (Toll Free).
If I die Before Getting My Pensions: If you die before getting your pensions, then your nominee or legal heir will get it after fulfilling all necessary requirements as per NPS Rules. If you leave behind more than one legal heir (i.e., spouse and children), then they will get equal share of your pension money after fulfilling necessary formalities under NPS Rules.
How Will I Receive My Money From APY ?
The APY card is linked to your bank account, and can be used for purchases at any merchant that accepts Visa/MasterCard. You will receive a pension of Rs 1000 per month for yourself. The government also guarantees a death benefit of Rs 1 lakh if you die within 3 years of enrolling into APY . All you need is an Aadhaar card or a PAN number, plus proof of residence, age, and income. If you don’t have an Aadhaar or PAN number, get one!
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