Modi govt scheme: Atal
Pension Yojana (APY) is a government-run scheme which was launched by
Narendra Modi government in 2015. The pension scheme mainly focuses on the
unorganised sector and investors can get a good return by investing a very
small amount. An individual can start investing in the pension plan between the
age of 18 and 40 years to earn a fixed minimum monthly return which ranges from
Rs 1000 to Rs 5000. The return depends on the contribution and at the age when
the investment was started by the depositor.
Under APY a contributor has three payment modes
of contribution: monthly, quarterly and half-yearly. It means a person is
required to pay Rs 84 per month to get a minimum guaranteed return of Rs 2000
per month after the age of 60. This will add up to Rs 24,000 yearly pension
return after investing for 42 years, according to NSDL website. All they need
to do is open a savings account either with a bank or a post office
How
do you apply for Atal Pension Yojana online?
The
APY subscriber form is available online on all bank websites. Customers have to
download the form, fill in the required details and submit it to their banks.
Other necessary documents also have to be submitted and applicants can then
easily open as Atal Pension Yojana account.
Charges
for default: Banks are required to collect
an additional amount for delayed payments, such amount will vary from minimum
Re 1 per month to Rs 10 per month.
•
Re. 1 per month for a contribution up to Rs. 100 per month.
•
Re. 2 per month for contribution up to Rs. 101 to 500/- per month.
•
Re 5 per month for contribution between Rs 501/- to 1000/- per month.
•
Rs 10 per month for contribution beyond Rs 1001/- per month.
Note: The fixed amount of interest/penalty will remain as
part of the pension corpus of the subscriber.
If
an individual fails to do the payment of contribution amount for six months the
account will be frozen. After 12 months the account will be deactivated and
after 24 months account will be closed.