The Government of India is moving towards moving the economy forward by providing various schemes to the people of India. The government is moving towards securing the future of the poor people class so that they can work and progress in their work. Once the poor people move forward in economy the whole nation’s economy grows stronger. The biggest security of the future for anyone in the world is the financial security. The government has come forward in enabling this easily by providing the people of India a way to secure their pension scheme. Atal Pension Yojana is one of the latest schemes launched by the government whose main aim is to secure the future of every working citizen of India.
This scheme will come in effect from the month of June 2015. Under this scheme each person can enroll and start investing a small sum of money every month. The investment amount totally depends on the age the person starts investing. The minimum age of entering this scheme is 18 years while the maximum age is of 40 years. On successful investment every month the beneficiary would have a sum of money invested under his name which he will get returned after the age of 60. The return amount will also be decided upon the invested amount. The government will also be contributing 50% of the investment or Rs 1000 per annum whichever is lower to each account for 5 years. This contribution will be made for the people who are not a part of any social security scheme and are also not a tax payer.
The main benefit of the scheme is that a fixed amount of money will be credited to the bank account every month after the age of 60 ranging from Rs 1000 to Rs 5000 based on the contribution made which again depends upon the starting period of time. In this way the Indian citizen will have a safe future financially and can work freely now without worrying about the problems he may face in the future.
Atal Pension Yojana Age Benefits Highlights
The Atal Pension Yojana is a scheme that is made for the poor people to save some money for their future. It is a way of saving the common people of India. Here are the highlights of this scheme.
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The scheme helps the poor working people working in the unorganized sectors to invest money for their future. This scheme allows them to save some money which they can’t in their sector.
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The scheme has a pension scheme starting from Rs 1000 and ending till Rs 5000.
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The monthly investment or contribution is totally dependent on two factors which is the amount of pension the enroller opts for at the time of application and the age in which he rolls into this scheme.
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The lower the age of enrolling will result into lower amount of monthly contribution.
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The minimum age required to enroll in this scheme is 18 years while the maximum eligible age is of 40 years.
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The government too will be investing the 50% of the contribution or Rs 1000 per annum whichever is low for the people who are not tax payers and do not lie in any other social security schemes.
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If an enroller is found to be providing false proofs in order to gain the governments benefits then he will be stripped off all the contribution made by the government and a penalty will be charged to him.
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On delayed monthly payments the user will be charged a small penalty based on the amount he invests.
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On months delayed payment the account will be freezed while on 12 months delayed payment the account will be deactivated and on 24 months the account will be closed forever.
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The people of India can apply to the scheme by simply visiting their bank branches.
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The form for this scheme is available in every regional language online and as well as in the bank near them.