Government employees make some contribution for retirement and get pension after retirement. Atal Pension Yojana Scheme was launched by the Center on 9th May 2015.
People between 18 to 45 years can avail this scheme. Students who are studying after completing 18 years can join Atal Pension Yojana and spend their future retirement happily. But those above 45 years are not eligible for this scheme.
The contribution is based on the pension desired by the clients. If you join in 18 years, you have to spend 42 years. In this Rs. 42 to a maximum of Rs. 210. Can be tied up to. If you reach 40 years, you should pay 20 years. In this Rs. 291 to a maximum of Rs. 1454 should be tied.
1000 rupees, 2000 rupees, 3000 rupees, 4000 rupees, maximum pension of 5000 rupees per month. But these amounts are applicable based on the monthly contribution of the members enrolled in the scheme.
To invest in this scheme one should have a savings account in any public sector bank. You can also invest in any post office near you. Members joining this scheme link their bank account with Atal Pension Yojana account. Each month’s contribution can be made as a direct debit to your account. But they should have sufficient balance in their bank account every month. Otherwise transactions will fail and penalty will have to be paid.
From the age of 60, the account holder can get pension every month from the accumulated corpus. In case of accidental death of the account holder after the maturity of this scheme. Every month pension is given to their spouse. It is given to the nominee if the spouse is also deceased.
Spouse of the account holder can close the scheme completely. Also the interest earned on it can be received as a lump sum. All these benefits are applicable to the nominee who is legally divorced from his spouse, even if the account holder is not married, or she has died.
After the death of the account holder after the age of 60 years his/her spouse can get the account in his/her name. Pension is applicable till death after crossing the age limit.
For certain illnesses, under special circumstances, the customer may opt out of this scheme. If the account holder withdraws from this scheme, all the contribution made by him, the government contribution and all the above income will be given.
If the account holder withdraws from the scheme before the age of 60 years, the charges will be applicable on the entire return on the contribution made by the account holder. The remaining amount will be given to the account holder.
If you do not pay regularly every month, you will be fined one rupee for those who pay Rs.100 by the due date, two rupees for those who pay Rs.101 to Rs.500 per month, five rupees for those who pay Rs.501 to Rs.1000, Rs.1,000 A fine of ten rupees will be imposed on those who pay more than Rs.
If the payment is not made for six months, the pension account will be suspended. Account will be deactivated after one year of non-payment. According to Section 80 CCD of the Income Tax Act, the account holder has a tax exemption of up to 50,000 thousand.
1,05,840 for 42 years at the rate of 210 per month for an 18-year-old person to get a monthly pension of 5,000.
3,48,960 at the rate of 1454 per month for a 40-year-old person for the same pension of 5,000. The difference between the two is 2,43,120
So those who are younger can join the Atal Pension Yojana scheme and get higher benefits