Atal Pension Scheme Details

In budget 2015-16 Govt. of India has introduced a pension scheme called Atal Pension Scheme for people of India,specially for poor peoples.This step has been taken to support financially to poor people at the time of old age.This is a voluntarily saving for their retirement.

Atal Pension Yojana (APY) administered  by Pension Fund Regulatory and Development Authority (PFRDA).They are trying to focus on the people who are in National Pension System (NPS).We will take a look on the benefits,age limit,investment amount and more.

Read  Fixed Deposit Interest Rate in India

Atal Pension Scheme

1. Eligibility of APY :

Atal Pension Scheme is applicable to all Indians who have a bank account.Govt. of India will also contribute 50% of the total contribution or Rs. 1000 annually (whichever will be less) for 5 years (FY 2015-16 to FY 2019-20) only to eligible candidates.Eligible candidate mean the candidates who are not the member of any statutory social security scheme and also who are not paying Income Tax.This special facility will be available to those who join NPS between 1st Hune ,2015 to 31st December,2015 .Eligibility will be verified by Fund Regulatory and Development Authority (PFRDA) as per record from Central Record Keeping Agency.

2.Age Limit :

Minimum age limit is 18 years and maximum age limit is 40 years for Atal Pension Scheme.However the facility of pension will start from 60 years age.Minimum period of contribution will be 20 years.

3.Documents Required :

Adhara Card is required to open Atal Pension Yojana. Bank will link your Aadhar card no with your account.

Except all above details some important points to be noted -

• After completion of 60 years the candidate have to submit the application of request to Bank for starting monthly pension.


• Before 60 year of age you can not exit this Atal Pension Scheme.In special cases like serious health problem,death etc. you can exit from the scheme.


• If you fail installment then you have to pay delay fine as Rs. 1 for contribution upto Rs.100/-,Rs. 2 for contribution from Rs.101/-  to Rs.500/-,Rs. 5 for contribution from Rs.501/- to Rs.1000/- and Rs. 10 for contribution above Rs.1001/- .


• If you discontinue your monthly installment then after 6 month account will be frozen,after 12 months account will be deactivated and after 24 months account will be closed.


• Existing Swavalamban Scheme subscribers will be automatically migrated to Atal Pension Yojana (APY) if they are between age 18 to 40 years.

Now come to the monthly installment amount and monthly pension amount as per variation of age.

Atal Pension Yojana Chart

Return Amount (For Monthly Pension of Rs. 1000)

Return Amount (For Monthly Pension of Rs. 2000)

Return Amount (For Monthly Pension of Rs. 3000)

Return Amount (For Monthly Pension of Rs. 4000)

Return Amount (For Monthly Pension of Rs. 5000)

So Download Application Form (All Language Forms are Available) and Apply For Atal Pension Yojana.

Also Download State wise Telephone Nos for detail information.

All the above data has been collected from official website of Govt. of India.Before investment confirm all details from their websites.

Sukanya Samriddhi Account Best Saving Scheme For Girl Child

Central Government has announced a savings scheme named Sukanya Samriddhi Account for Girl Child.This scheme has been introduced only for girl child upto 10 year age. Sukanya Samriddhi Account or Sukanya Samriddhi Yojna is to save money for education and marriage of girl child.So that you need not to take education loan for your girl child's higher study.You can say that Sukanya Samriddhi Account Best Girl Child Saving  Scheme.

Why Government Introduced Sukanya Samriddhi Account Scheme

Government has introduced this scheme as girl child's parent do not saving money for their education and marriage and when a girl child become above 18 year they do not allow them for higher study and force them for marriage.This type of things force our girls to be uneducated and helpless.This is why government has thought to start Sukanya Samriddhi Account with a high compound interest of 9.1 % 8.60% (w.e.f. - 01.04.2016) and make it tax exempted on u/s 80C.

What Sukanya Samriddhi Account Scheme is

Sukanya Samriddhi Account is a high interest savings account for girl child.This is for girl child's higher education and marriage.This account can be opened by only girl child's parents or legal guardian.When a girl take birth ,her parents can open this account upto her age become 10 years.

Features of Sukanya Samriddhi Account

• Anyone can open this account who have a girl child under age 10 year.


• Open this account at post office and maximum public or private sector banks.


• Minimum Deposit Amount -Rs. 1000 /- per financial Year and Maximum Deposit Amount - Rs. 150000 /- per financial Year .


• High compound interest rate of 9.1 %  8.60% per year (w.e.f. - 01.04.2016) .(Updated From 1/4/2015 9.2 % interest on Post Office)


• Full deposit,interest and matured amounts are totally tax exempted u/s 80C upto Rs. 150000 /- .


• This account can be opened when a girl child take birth till she became 10 years.


• You can deposit money upto 14 year from the date of opening the account.


• This account can be close after 21 year from the account opening date or before marriage of your girl ,whichever is earlier.


• If you want to close the account before 21 year from the date of account opening ,you need to submit an affidavit that your girl become 18 year old.


• You can withdraw 50% of the total amount for your girl child's education purpose when your girl become 18 year old.


• You can also close this account before the time in case of your child's serious medical cases but here you need to submit all supporting medical documents whatever required.

Drawbacks of Sukanya Samriddhi Account

• There is no option of loan against the saving amount.


• Maximum saving is upto Rs. 150000 /- per year.


• You can save this money maximum of 14 year.

Where to Open Sukanya Samriddhi Account

You can open Sukanya Samriddhi Account at your nearer Post Offices and also in Public or Private Banks.I am giving you a small list of banks -

• Allahabad Bank


• Andhra Bank


• Axis Bank Ltd.


• Bank of Baroda


• Bank of India


• Bank of Maharashtra


• Canara Bank


• Central Bank of India


• Corporation Bank


• Dena Bank


• ICICI Bank Ltd.


• IDBI Bank Ltd.


• Indian Bank


• Indian Overseas Bank


• Oriental Bank of Commerce


• Punjab & Sind Bank


• Punjab National Bank


• State Bank of Bikaner & Jaipur


• State Bank of Hyderabad


• State Bank of India


• State Bank of Mysore


• State Bank of Patiala


• State Bank of Travancore


• Syndicate Bank


• UCO Bank


• Union Bank of India


• United Bank of India


• Vijaya Bank

Documents Required for Sukanya Samriddhi Account

Following documents required at the time of opening Sukanya Samriddhi Account -

• Girl Child's Birth Certificate


• Photo Identity Proof (Like Voter Card,Driving License, Adhar  Card etc. )


• Valid Address Proof (Like Voter Card,Driving License, Adhar  Card etc. )

One person can open one account for his/her one girl child and maximum two for two girl child.

If any of your relatives have girl child below 10 year old then share this post with them.

Download Account Opening Form

or

Sukanya Samriddhi Account Opening Form

 

Calculate your recurring deposit maturity amount .

 

How to check Provident Fund (PF) account balance Online

Do you know that you can check provident fund (PF) account balance online?If you don’t know then here I will say you the detail procedure to check your Provident Fund balance online.

Many of us got a hard copy of PF statement at end of every financial year from their employer  but there are also many employees  those who are not getting any data from their employer.So PF department has started this facility to view the Provident Fund (PF) balance online.

This PF account balance online checking facility has started by Employees Provident Fund Organization (EPFO) on 1st July 2011.From year 2015 EPFO has launched Universal Account Number (UAN) through which you have to check your PF account balance. Every employee have to collect their UAN from EPFO website and have to activate the same to check the PF balance.Here below we will describe step by step how to check PF balance with the newly introduced UAN service from EPFO.

Every employee have to know their own UAN to check PF balance.Now the question is how you will know what is your UAN ?Don't worry EPFO has generated a unique UAN against your PF account number ,now just you have to collect the number from EPFO website. So just follow the below process -

Step 1 :  First visit the link of  EPFO Employees  site  to go to EPFO Employees' portion.



Step 2 : After opening the EPFO Employees site just click on Know Your UAN Status and put the details of your PF account number as on the prescribed format as given in the below screenshot and click on check status to get your UAN number.After successful process completion you will get a 12 digit unique number like XXXXYYYYZZZZ .



Help :
I don't know how many of you know the full details of your PF Account number.Here I have given the full details of PF account number for your easy understanding.From the below example you can easily understand you PF account number or pension account number.If you feel any problem after such an wonderful example then kindly contact with your employer for the details of your PF account number.

PF / Pension Account No :  MH BAN XXXXXXX XXX XXXXXXX

MH - Region Code of Your PF Office (Where Your Employer Submit PF for You)

BAN - Office Code of Your PF Office (Where Your Employer Submit PF for You)

XXXXXXX - Establishment Code (Maximum 7 Digit , Put 0 before your code to make 7 digit) 

                           Search Establishment code

XXX - Extention Code (Find your extention code Here) .You may leave it blank if don't know.

XXXXXXX - Your Pension Account No. (Ask your Employer for Pension Scheme A/C No.)

(Maximum 7 Digit , Put 0 before your code to make 7 digit)

Step3 : Now you have to activate the UAN for logging in to your PF account.Click on UAN Member e-Sewa to activate the UAN.Now check the button and put the required details like UAN ,mobile number ,PF details with number to activate the UAN.



Step 4 : Now after successful activation you need to login to your account to view the details of your PF account like PF account balance ,PF account transfer and more.So click here to login with UAN and password send to you via SMS  on your recently registered mobile number.



Step 5 : Now you can check your PF balance by downloading passbook of your PF account.Click on Download and then Download Passbook. Screenshot of same attached below -



There are so many other services also started by EPFO.We will discuss on the other services in our next post on PF account on Universal Account Portal.

Now there are two types of companies,one of them submit their PF amount to EPFO and another one has own PF trusts.Now for the first one you can easily got your PF account balance by following the above process but for second one your company will maintain the all data in their own websites or portals from where you can easily check your PF account balance.

Interest Rate Hike of PPF,NSC and Small Savings

In budget 2012-13 interest rate of Employee Provident Fund (EPF) slashed by 1.25% ,this is why the interest rates of  Public Provident Fund(PPF) ,National Saving Certificate (NSC) and small savings on Post offices expected to hike from April 1st '2012 .

Interest rates of Public Provident Fund (PPF) going to be 9.00% from 8.60% .Govt. increasing this rate to attract small investors .As the interest rate already hiked on last December from 8.00% to 8.60% .The new interest rate will come in public from April 1st.

Govt. thinks that this offer will attract small investors once again and the PPF,NSC and savings on post office once again going to be most popular to public.As govt. slashed the interest rate of EPF from 9.50 % to 8.25% from the financial year 2011-2012.Interest rates of Fixed Deposit may changes to lower from April1st as it will be clear on next week.