Atal Pension Yojana Case Study
The “Atal Pension Yojana” is aimed to provide financial benefits to the workers who work in unorganised sector which constitutes around 88% of the total workforce of the country. These workers do not have any formal provision of getting a regular pension payment on retirement. Moreover, due to increasing labour wages and better medical facilities, these people also face a risk of increasing longevity. So, this work force would require some kind of assured income guarantee to sustain itself in the coming years.
To avail this benefit one needs to open an account under this scheme and monthly contributions needs to be made till the time of retirement after which a pension amount ranging from Rs 1,000 to Rs 5,000 per month would be paid to the …show more content…
Go to the bank where you have your saving bank account like SBI, ICICI, HDFC or any other bank.
Fill up the form (download english form or hindi form)
Make sure you fill all the fields
Mobile number is compulsory, hence that needs to be filled
If you have aadhar card, provide the number in the form (but it’s not compulsory)
You also need to provide spouse details if applicable and nominee details, which is compulsory
You will select the pension amount you need in future and based on that the bank official will write the monthly contribution required on the form
Eligibility Criteria for Opening an account
The age of the subscriber should be between 18 – 40 years.
One should have a saving bank account or should open a new saving bank account
One should be having a mobile number, which needs to be furnished at the time of filling up the form.
Monthly contribution
Note that the form itself contains a section which mentions that you are authorising the bank to deduct the monthly contribution from your account till the age of 60 yrs. So once the account is opened, your account will then get auto debited in future every month. If one does not have a bank account, then one can give their KYC documents along with account opening form with the Atal pension Yojna account …show more content…
Exit Before the age of 60 Years
The Exit before age 60 yrs, would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
Discontinue the payments or delay in payments
Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below
i. Re. 1 per month for contribution upto Rs. 100 per month. ii. Re. 2 per month for contribution upto Rs. 101 to 500/- per month. iii. Re 5 per month for contribution between Rs 501/- to 1000/- per month. iv. Rs 10 per month for contribution beyond Rs 1001/- per month.
Discontinuation of payments of contribution amount shall lead to following
After 6 months account will be
To avail this benefit one needs to open an account under this scheme and monthly contributions needs to be made till the time of retirement after which a pension amount ranging from Rs 1,000 to Rs 5,000 per month would be paid to the …show more content…
Go to the bank where you have your saving bank account like SBI, ICICI, HDFC or any other bank.
Fill up the form (download english form or hindi form)
Make sure you fill all the fields
Mobile number is compulsory, hence that needs to be filled
If you have aadhar card, provide the number in the form (but it’s not compulsory)
You also need to provide spouse details if applicable and nominee details, which is compulsory
You will select the pension amount you need in future and based on that the bank official will write the monthly contribution required on the form
Eligibility Criteria for Opening an account
The age of the subscriber should be between 18 – 40 years.
One should have a saving bank account or should open a new saving bank account
One should be having a mobile number, which needs to be furnished at the time of filling up the form.
Monthly contribution
Note that the form itself contains a section which mentions that you are authorising the bank to deduct the monthly contribution from your account till the age of 60 yrs. So once the account is opened, your account will then get auto debited in future every month. If one does not have a bank account, then one can give their KYC documents along with account opening form with the Atal pension Yojna account …show more content…
Exit Before the age of 60 Years
The Exit before age 60 yrs, would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
Discontinue the payments or delay in payments
Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below
i. Re. 1 per month for contribution upto Rs. 100 per month. ii. Re. 2 per month for contribution upto Rs. 101 to 500/- per month. iii. Re 5 per month for contribution between Rs 501/- to 1000/- per month. iv. Rs 10 per month for contribution beyond Rs 1001/- per month.
Discontinuation of payments of contribution amount shall lead to following
After 6 months account will be