Atal Pension Yojana at Payment Banks like Paytm
In a latest announcement, the central government has given all the rights to the payment banks to sell APY or Atal Pension Yojana. According to the officials, taking such decision will expand the premise of subscribers under the scheme.
On Friday, 26th January 2018, on the occasion of Republic Day, the Central Finance Ministry has made this announcement. According to the authority, these payment banks along with the small financial companies will generate more assets through the APY subscriptions.
- Objective of the Scheme: Atal Pension Yojana is a scheme for the people aged 18 years to 40 years. Under this scheme people will get pension after their retirement. It is an investment plan that will help people to earn money after their retirement from work.
- Channel: All the nationalised banks were allowed to sell APY. No other banks or any private financial organisations had right to sell the scheme to their customers. From now onwards other banks are allowed to sell this scheme as well.
- Number of banks: Currently in India, there are 10 small finance banks and 11 payment banks exist. All of them are notified to sell the scheme to their customers. This will lead to more subscribers. Currently, apart from these new aged banks, there are more than 230 banks that are responsible for implementation of the scheme in India.
- Benefits: Under the scheme, depending on the contribution of the subscribers, each one will receive up to Rs. 5000/- per month after 60 years of age that is after retirement. Minimum pension amount each subscriber will receive is Rs. 1000/- under this scheme.
Atal Pension Yojana is one of the leading asset generation investment plans in India today. Started in the year 2015, June, now more than 84 Lac subscribers are contributing under this scheme. Nearly Rs. 3194 Cr has been contributed by the subscribers till date.