Atal Pension Yojana | APY

 Atal Pension Yojana (APY) is a government-sponsored pension scheme launched by the Government of India in 2015. The scheme is designed to provide a regular and stable pension to workers in the unorganized sector, who generally do not have any pension or social security benefits.

The scheme is named after former Prime Minister of India, Atal Bihari Vajpayee, and is administered by the Pension Fund Regulatory and Development Authority (PFRDA). Under this scheme, individuals between the age of 18 to 40 years can contribute towards a pension account until the age of 60 years.

Let's take a closer look at the features and benefits of Atal Pension Yojana:

Eligibility Criteria To be eligible for the Atal Pension Yojana, an individual must meet the following criteria:

1. The individual must be between the age of 18 to 40 years.
2. The individual must have a savings account in a bank or post office.
3. The individual must not be a member of any statutory social security scheme.
4. The individual must have a valid mobile number linked to their bank account. 

Contribution and Benefits The contribution towards the Atal Pension Yojana is based on the age of the subscriber and the desired pension amount. The subscriber can choose a pension amount between Rs. 1,000 to Rs. 5,000 per month. The contribution amount varies based on the age of the subscriber and the chosen pension amount.

For example, a 30-year-old subscriber who wishes to receive a monthly pension of Rs. 3,000 will have to contribute Rs. 577 per month until the age of 60 years. On the other hand, a 40-year-old subscriber who wishes to receive a monthly pension of Rs. 5,000 will have to contribute Rs. 1,146 per month until the age of 60 years.

The contribution towards the Atal Pension Yojana can be made either monthly, quarterly, or half-yearly. The contribution can be made through an auto-debit facility from the subscriber's savings account.

The pension amount is payable to the subscriber after the age of 60 years. If the subscriber passes away, the accumulated pension wealth will be transferred to the spouse, and after the death of both, the nominee will receive the corpus amount.

Tax Benefits The contributions towards the Atal Pension Yojana are eligible for tax benefits under Section 80CCD of the Income Tax Act, 1961. The contributions up to Rs. 1.5 lakhs are eligible for deduction from the taxable income under Section 80C, and an additional deduction of Rs. 50,000 is available under Section 80CCD (1B).

Enrollment Process To enroll in the Atal Pension Yojana, the subscriber needs to follow the below steps:

• Visit the nearest bank or post office and fill the Atal Pension Yojana registration form.
• Provide a valid mobile number and bank account number, which will be linked to the pension account.
• Provide KYC documents such as Aadhaar card, PAN card, or Voter ID card.
• Choose the pension amount and contribution frequency.

The Atal Pension Yojana is a simple and affordable pension scheme designed for workers in the unorganized sector. The scheme provides a regular and stable pension to subscribers after the age of 60 years. The scheme also offers tax benefits, making it an attractive option for individuals looking for a pension scheme. If you are eligible for the scheme, you should consider enrolling in the Atal Pension Yojana to secure your retirement.

The Atal Pension Yojana is administered by the Pension Fund Regulatory and Development Authority (PFRDA), which comes under the Ministry of Finance, Government of India.

Contact Details: For any queries related to the Atal Pension Yojana, subscribers can contact the PFRDA at the below contact details:

Toll-Free Number: 1800-110-069 Email: apy@pfrda.org.in

FAQs:

1. Who is eligible for the Atal Pension Yojana?

Individuals between the age of 18 to 40 years, who do not have any statutory social security scheme, and have a savings account in a bank or post office, are eligible for the Atal Pension Yojana.

2. What is the contribution amount for the Atal Pension Yojana?

The contribution amount varies based on the age of the subscriber and the chosen pension amount. The subscriber can choose a pension amount between Rs. 1,000 to Rs. 5,000 per month.

3. Can a subscriber exit the Atal Pension Yojana before the age of 60 years?

Yes, a subscriber can exit the scheme before the age of 60 years, but only in exceptional circumstances, such as terminal illness or death.

4. Is the contribution towards the Atal Pension Yojana eligible for tax benefits?

Yes, the contribution towards the Atal Pension Yojana is eligible for tax benefits under Section 80CCD of the Income Tax Act, 1961.

5. What happens to the accumulated pension wealth if the subscriber passes away?

If the subscriber passes away, the accumulated pension wealth will be transferred to the spouse. After the death of both, the nominee will receive the corpus amount.

RuPay Card: An Introduction to India's Own Payment Network

(Photo: Rupay Logo on WikiPedia)

In recent years, digital payments have become increasingly popular in India, and a significant contributor to this growth has been the rise of RuPay card. Launched in 2012 by the National Payments Corporation of India (NPCI), RuPay is India's own payment network that provides a domestic alternative to international payment networks such as Visa and Mastercard. In this blog, we will explore the features, benefits, and acceptance of RuPay card, along with the charges associated with its usage.

RuPay card is available in three variants:

01.   RuPay Debit

02.    RuPay Credit

03.   RuPay Prepaid.

Here are some of the features of RuPay card:

 1.                Domestic Payment Network: RuPay card is accepted at all ATMs, point-of-sale (POS) terminals, and online merchants in India that display the RuPay logo. This includes all major banks, supermarkets, petrol pumps, e-commerce websites, and government agencies.

 2.                International Acceptance: RuPay has collaborated with several international payment networks such as Discover Financial Services, Japan Credit Bureau (JCB), and China UnionPay (CUP), enabling cardholders to use their RuPay cards for transactions outside of India. RuPay Global, a variant of RuPay card, can be used globally for both online and offline transactions. 

3.                Government Schemes: RuPay has tie-ups with various Indian government schemes such as Pradhan Mantri Jan Dhan Yojana (PMJDY), National Rural Employment Guarantee Act (NREGA), and National Social Assistance Program (NSAP), making RuPay cards widely accepted across the country. 

Benefits of RuPay Card:

RuPay card comes with several benefits for cardholders, including:

 01.   Lower Charges: The charges on the usage of RuPay cards are relatively lower compared to other international payment networks, making it a cost-effective payment option for Indian consumers.

02.   Cashbacks and Discounts: NPCI has partnered with various banks and merchants to offer cashbacks, discounts, and other incentives to RuPay cardholders.

03.   ecure Transactions: RuPay card transactions are protected by advanced security features such as chip and PIN authentication, which helps to prevent fraudulent transactions.

 Acceptance of RuPay Card:

RuPay card is gaining acceptance both domestically and internationally. Here are some of the key acceptance details:

01.   Domestic Acceptance: RuPay cards are accepted at all major banks, supermarkets, petrol pumps, e-commerce websites, and government agencies in India that display the RuPay logo.

02.   International Acceptance: RuPay Global, a variant of RuPay card, can be used globally for both online and offline transactions at all merchants that accept Discover, JCB, or CUP cards. Currently, RuPay Global is accepted in 195 countries and territories worldwide.

Charges on Usage of RuPay Card 

The charges on the usage of RuPay cards may vary depending on the issuing bank and the type of RuPay card. Here are some of the general charges that may apply:

1. Issuance fee: The issuing bank may charge a one-time fee for issuing a RuPay card.
2. Annual fee: Some banks may charge an annual fee for maintaining a RuPay card account.

3. Transaction fee: A transaction fee may be charged by the issuing bank for using a RuPay card for transactions such as cash withdrawals at ATMs, purchases at merchants, or online transactions.

4. Foreign exchange fee: If you use a RuPay card for transactions in a foreign currency, the issuing bank may charge a foreign exchange fee.

5. ATM usage fee: If you use a non-partner bank's ATM to withdraw cash using a RuPay card, a transaction fee may be charged

It is worth noting that the exact charges on the usage of RuPay card may vary depending on the issuing bank and the type of RuPay card. It is advisable to check with the bank about the applicable charges before applying for a RuPay card. 

Promotion of RuPay Card 

The promotion of RuPay card is primarily carried out by NPCI, which has undertaken various initiatives to increase the adoption and usage of RuPay cards. These initiatives include tie-ups with banks and merchants to offer discounts and incentives, awareness campaigns to educate consumers about the benefits of using RuPay cards, and government initiatives that mandate the use of RuPay cards for certain schemes. 

While the exact budget used for these initiatives may not be publicly available, the widespread adoption of RuPay cards in India suggests that these efforts have been effective in promoting the usage of RuPay cards. 

RuPay card is a domestic payment network that offers a cost-effective and secure payment option to Indian consumers. With its widespread acceptance and benefits such as lower charges and cashbacks, RuPay card is a viable alternative to international payment networks. As India moves towards a cashless economy, RuPay card is playing a significant role in making digital payments accessible to all. 

Here are the contact details for RuPay Card:

1.       Phone: You can call the RuPay Card customer care toll-free number at 1800 123 8040 or +91 22 4918 6200 (for international customers) for any queries related to your RuPay card.

2.       Email: You can email your queries to contact@rupay.co.in. You can expect a response within 2-3 business days.

3.       Postal address: National Payments Corporation of India (NPCI), 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051, India.

4.       Social media: You can also connect with RuPay Card on social media platforms such as Twitter (@RuPay_npci) and Facebook (@rupaynpci) for any queries or assistance. 

Please note that these contact details are subject to change. You can visit the official RuPay Card website (www.rupay.co.in) for the latest contact information.

Pradhan Mantri Jan Dhan Yojana | PMJDY

(Photo: Wikipedia. Prime Minister Narendra Modi Launches PMJDY)

Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship scheme launched by the Government of India in August 2014 with the objective of promoting financial inclusion in the country. The scheme aims to provide access to financial services such as banking and insurance to the unbanked and underbanked population of the country. The scheme also aims to promote savings, enable the DBT of subsidies and welfare benefits, and provide an overdraft facility of up to Rs. 10,000 to account holders.

The motto of the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme is "Mera Khata - Bhagya Vidhata".

As of August 2021, more than 43 crore accounts have been opened under the PMJDY scheme in India, making it the world's largest financial inclusion scheme. The scheme has been successful in bringing a large number of people under the formal banking system, reducing their dependence on informal credit sources, and providing insurance coverage to the vulnerable sections of the society.

The scheme provides a RuPay debit card to the account holders, which enables them to withdraw cash from ATMs and make purchases online and offline. The account holders are also provided with an overdraft facility of up to Rs. 10,000, which enables them to meet their emergency financial requirements. The scheme also provides insurance coverage to the account holders under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY).

The PMJJBY provides life insurance coverage of Rs. 2 lakh to the account holder in case of their death, while the PMSBY provides accidental insurance coverage of up to Rs. 2 lakh to the account holder. The premium for both the insurance schemes is very low, making it affordable for the account holders.

The process to open an account under the PMJDY scheme is simple and easy. The account can be opened at any bank branch or banking correspondent. The account holder needs to provide the necessary documents such as identity proof, address proof, and Aadhaar card. Once the account is opened, the account holder can avail of other banking services like mobile banking, internet banking, and SMS banking.

The scheme has been successful in promoting financial inclusion in the country. The scheme has played a significant role in providing access to financial services to the unbanked population, promoting savings, and enabling the DBT of subsidies and welfare benefits. The scheme has also played a significant role in reducing the dependence on informal credit sources and providing insurance coverage to the vulnerable sections of the society.

Pradhan Mantri Jan Dhan Yojana has been a game-changer in the financial inclusion landscape of India. The scheme has brought a large number of people under the formal banking system and has provided them access to financial services such as banking and insurance. The scheme has also played a significant role in promoting savings, enabling the DBT of subsidies and welfare benefits, and reducing the dependence on informal credit sources. The success of the scheme can be attributed to its simple and easy account opening process and the low premium for insurance coverage. The scheme has made a significant impact in improving the lives of the unbanked and underbanked population of the country.

Here are the contact details and website related to Pradhan Mantri Jan Dhan Yojana:

Website: https://pmjdy.gov.in/

Contact details:

PMJDY Helpline Number: 1800110001 (Toll-free)

Email: pmjdy@nic.in

Postal Address:
Department of Financial Services, Ministry of Finance, Government of India, 3rd Floor, Jeevan Deep Building, Sansad Marg, New Delhi - 110001

These contact details can be used to seek information or assistance related to the scheme.