Atal Pension Yojana

Atal Pension Yojana

Under the Atal Pension Yojana, the emphasis will be on all those citizens working in the unorganized sector who are included in the National Pension System (NPS) run by the Pension Fund Regulatory and Development Authority and those who are not connected to any statutory social security scheme.  Under the pension scheme, the subscribers will get a pension of Rs 1,000 to Rs 5,000 on the completion of 60 years, depending on their contribution.  The contribution will depend on the age at which the concerned person joins the scheme.

The minimum age for Atal Pension Yojana is 18 years and the maximum age is 40 years.  In this, the maximum period of contribution for the subscriber is 20 years.  Fixed pension benefits will be guaranteed by the government.  The government will contribute 50 percent of the annual premium or Rs 1,000 on behalf of the shareholders participating in this pension scheme.  Whichever is less in these, the government will give that amount.  This contribution will be made by the government for five years.

Key things related to Atal Pension Yojana :-

Any person from 18 years to 40 years can join this scheme.

If you join this scheme, then when your age will be 60+ years, then you will start getting monthly pension.
To join the Atal Pension Yojana, you must have an Aadhar card.  But if you do not have an Aadhaar card yet, then you can give your Aadhaar number to the bank within a certain time frame of joining the scheme.

You have to deposit money in this scheme till 60 years, and after 60 years you will start getting monthly pension.

Those people who pay income tax, who have a government job or who are taking advantage of schemes like EPF, EPS, they cannot join the Atal Pension Yojana.

People who have opened an account in an old scheme of the Government of India "Swavalamban Yojana" will automatically be linked to the Atal Pension Yojana.

It is very easy to deposit Monthly Premium in Atal Pension Yojana.  There should be money in your bank account, the premium amount automatically goes from your bank account to Atal Pension Yojana on the due date.  For this reason, once you join this scheme, you do not have to go to the bank again and again to deposit Monthly Premium.

If you join Atal Pension Yojana by 31st December 2015, then till 2020 the amount you invest in this scheme will be 50% of your deposited amount till 2020 or Rs 1000 per year (whichever will be less)  That much money will be invested in your pension scheme on its behalf.

There are 5 amounts of pension available in this scheme.  1000, 2000, 3000, 4000, and 5000. You have to choose how much monthly pension you want to get after 60 years.  Example: If you are 18 years old and you want to get 1000 monthly pension after 60 years, then you have to deposit Rs 42 every month, same way you are 18 years old and you want to get 5000 monthly pension after 60 years  , then you have to deposit Rs 210 every month.  In this way, according to the age and amount of pension, different people will have to pay different Monthly Premium.

From the chart given below, understand how much monthly installment you will have to pay:-

If you die before 60 years, then your nominee will get the entire amount deposited in your account with interest.

Late Fee in Atal Pension Yojana :-

If your Monthly Premium is up to Rs.100, then Late Fee will be Rs.1 per month.

If your Monthly Premium is up to Rs.500, then Late Fee will be Rs.2 per month.

If your Monthly Premium is up to Rs 1000, then Late Fee will be Rs 5 per month.

If your Monthly Premium is more than Rs 1000, then Late Fee will be Rs 10 per month.

Special Terms and Conditions :-

If money is not deposited in the account for 6 months, then the account will be frozen.

 If money is not deposited in the account for 1 year, then the account will be deactivated.

If money is not put in the account for 2 years, then the account will be closed. So save your money from now and get the support of pension in old age.  This article is just an information, before joining the pension scheme, confirm everything with the bank that what are the terms and conditions of this scheme at present.

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Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana

Even in today's date, those who consider daughters a burden and as soon as they are born are worried about their education and thinking about the money for their marriage, such people do not need to take much tension now.  Because under the “Beti Bachao Beti Padhao” campaign, “Sukanya Samridhi Yojana” has been started by the Central Government for the education and marriage expenses of daughters, through which you can easily bear the expenses of your daughter’s education and her marriage.  Will be able

 In “Sukanya Samridhi Yojana”, you can open an account in the post-office or authorized bank in the name of your daughter as soon as she attains the age of 10 years.  This account in the name of your daughter will come in handy when your daughter turns 21 years old.  If you want, you can also get it fixed for the future of your daughter.

If you have two daughters, then you can open this account in the name of both of you.  But this account cannot be opened for three people from the same family.  Yes, if you have twins children then you can open 3 accounts.  If you want, even after the daughter turns 18, you can withdraw 50% of your deposit for the daughter's education and her marriage.
If your daughter dies due to any reason before 21 years, then her  The account will be closed and the amount deposited in the account will be given to his family along with interest.  The interest rate announced by the government in the “Sukanya Samridhi Yojana” which was initially 9.2% was revised in 2017.

How to open Sukanya Samriddhi Yojana account?

At the time of opening the account under Sukanya Samriddhi Yojana, you will have to deposit a minimum of 1000 / -.

In this account you have to deposit from minimum 1000/- per year to maximum 1.5 lakh per year.

You will have to deposit the minimum amount in this account for 14 years from the date of account opening.

If the minimum amount is not deposited in the account, 50/- will be deducted from your account along with the minimum amount as penalty.

It is mandatory to give birth certificate, address proof and identity proof of the daughter at the time of opening the account.

The account will mature only after the daughter completes 21 years.

As soon as the daughter turns 10, she will be able to operate it herself and the entire amount of the account will also be in the name of the daughter.

This account will be exempted under section 80-G of income tax, in which the amount invested along with interest and maturity amount will also get tax exemption.

Money can also be deposited in this account by cash, check or demand draft (DD).  You can also make check and DD in the name of post master or bank branch.

Benefits of Sukanya Samriddhi Yojana

By opening an account in Sukanya Samriddhi Yojana, you will get an interest rate of 2%.  For example, if you deposit 1000 / - in the account per month, then in the whole 14 years you will have to deposit a total of 1,68000 / -.  With 9.2% interest rate, as soon as your daughter turns 21, you will get a total of 6,07,128/-.  That is, you will have a profit of 4,39,128 in total.

By opening an account under Sukanya Samriddhi Yojana, your money will not be taxed.

The amount received from this account will go a long way in helping you educate your daughter or get her married.

You can open a Sukanya Samriddhi account in any one of the following banks:-

  State Bank of India

  Andhra Bank,

  Allahabad Bank,

  Bank of Baroda,

  Bank of India,

  Corporation Bank,

  Dena Bank,

  Indian Bank,

  Indian Overseas Bank,

  Punjab National Bank,

  Syndicate Bank,

  UCO Bank,

  Oriental Bank of Commerce,

  Union Bank of India,

  United Bank of India,

  Vijaya Bank,

  IDBI Bank,

  Axis Bank

  ICICI Bank

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ayushman bharat scheme

ayushman bharat scheme

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the launch of Centrally Sponsored Ayushman Bharat-National Health Protection Mission (AB-NHPM).  This includes the components of the Central Sector under the Anushmaan Mission of the Ministry of Health and Family Welfare.

A benefit of Rs.5 lakh per family has been covered per annum in this scheme.  The target beneficiaries of the proposed scheme will be more than ten crore families.  These families will be from poor and vulnerable population based on SPCC data base.

AB-NHPM will consist of ongoing centrally sponsored schemes- Rashtriya Swasthya Bima Yojana (RSBY) and Senior Citizen Health Insurance Scheme (SCHIS).

Key Features of Ayushman Bharat Scheme-

There are many benefits of this scheme of health department which you should know, so let us tell you the features of this scheme-

Every year will get a cover of Rs 5 lakh - AB-NHPM will provide a benefit of Rs 5 lakh per family per year.  This cover covers all secondary and tertiary health facilities procedures.  To ensure that no person (women, children and old age) is left out, the scheme will not have any cap on the size and age of the family.  The benefit cover will cover pre and post hospitalization expenses.  All conditions will be covered from the first day of the insurance policy.  Transport allowance will also be paid to the beneficiary every time he is admitted to the hospital.

Benefit can be availed from any government/private hospital in the country- The benefit of this scheme will be available all over the country and the beneficiary covered under the scheme will be allowed to take cashless benefits from any government/private hospital in the empaneled country.

AB-NHPM will be an entitlement based scheme for every person between the age of 16 to 59 years and the eligibility will be decided on the basis of deprivation criteria in SECC database.  Various categories in rural areas include households that have a single room with kutcha walls and kutcha ceilings, families with no adult members between the ages of 16 and 59, households headed by a woman and those with 16  There is no adult member between the ages of 59 to 59, a family consisting of a disabled member and no physically able adult member, SC/ST.  Families are landless families earning a major part of the income from human casual wages.  In rural areas such families are automatically included which do not have a roof to live in, destitute, subsistence, manual scavengers, primitive tribal groups, legally freed bonded labourers.

Benefits will be available in both government and private hospitals-

Beneficiaries will be able to avail benefits in both government and private hospitals empaneled.  All government hospitals in AB-NHPM implementing states will be deemed empaneled for the scheme.  Hospitals affiliated to Employees' State Insurance Corporation (ESIC) can also be empaneled on the basis of Bed Enrollment Ratio norm.  Private hospitals will be empaneled in an online manner based on the defined criteria.

Treatment will be on package basis – To control the cost, the treatment will be paid on the basis of package rate.  The package rate will include all costs related to the treatment.  It will be cashless and paperless transaction for the beneficiaries.  The States will have limited flexibility to revise these rates keeping in view the requirements of the State.

Scheme to be implemented in every state One of the main principles of AB-NHPM is cooperative federalism and giving flexibility to the states.  It has a provision for partnership with the states through co-alliance.  This will allow extension of AB-NHPM to the State Governments to ensure proper integration with the existing health insurance/ various protection schemes of Central Ministries/ Departments and State Governments (at their own cost).  States will be free to choose the modalities for implementing the scheme.  State can implement the scheme through insurance company or directly through trust/society or in combination.

NITI Aayog to chair - In order to give policy directions and to expedite coordination between the Center and the states, it is proposed to set up Ayushman Bharat National Health Protection Mission Council (AB-NHPM) at the apex level under the chairmanship of the Union Health and Family Welfare Minister.  It proposes to form an Ayushman Bharat National Health Protection Mission Governing Board (AB-NHPMGB), which will be jointly chaired by Secretary (Health and Family Welfare) and Member (Health), NITI Aayog.

State Health Agency will implement the scheme- States will need a State Health Agency (SHA) to implement the scheme.  The states will have the option to use the existing trust/society/not-for-profit company/state nodal agency in the form of SHA or to form a new trust/society/not-for-profit company/state health agency to implement the scheme.  At the district level also, a framework will have to be prepared for the implementation of the scheme.

Money will be transferred directly to the individual's account- To ensure that the funds reach the SHA on time, the transfer of money to the State Health Agencies on behalf of the Central Government through AB-NHPMA can be done directly from the escrow account.  Within the given time limit, the state will have to give an equal share of grant.

Paperless and cashless transactions to be promoted - A robust, interoperable IT platform will be rolled out in partnership with NITI Aayog to enable paperless, cashless transactions.  This will help in identification of potential misuse/deception and prevention of misuse.  It will have well defined grievance redressal mechanism.  In addition, the right to pre-treatment with moral hazards (possibility of abuse) will be made mandatory.

Reaching Benefit Scheme – To ensure that the scheme reaches the desired beneficiaries and other stakeholders, a comprehensive media and outreach strategy will be developed which will, inter alia, include print media, electronic media, social media platforms, traditional  Includes media, IEC materials and outdoor activities.

Effects of planning -

The cost of hospitalization in India has increased by almost 300 percent during the last ten years.  (NSSO 2015)

More than 80 percent of the expenses are met out of pocket (OOP).  Rural households mainly depend on family income/savings (68%) and borrowings (25%).

Urban households depend on their income/savings (75 percent) and on borrowings (18 percent) to finance hospital expenses.  (NSSO 2015)

Out of pocket expenditure is more than 60 per cent in India.  As a result, 6 million households are pushed into poverty due to rising health costs.

The impact of AB-NHPM will be on reduction of out-of-pocket expenditure on the following grounds-

Enhanced benefit cover to about 40 percent of the population (the poorest and vulnerable).

All secondary and tertiary (except negative list) hospitals will be covered.  Coverage of five lakhs for each family (no restriction on family size).

This will increase access to quality (health and medical) facilities.  The unmet needs of the population will be met due to lack of financial resources.

This will lead to timely treatment, improved health outcomes, patient satisfaction, improved productivity and efficiency, employment generation and consequently improved quality of life.

Premium Paying Parties -

The premium payment expenses will be shared by the Central and State Governments in the specified ratio as per the guidelines of the Ministry of Finance.  In States where AB-NHPM will be implemented through insurance companies, the total expenditure will depend on the actual market determined premium paid.

In the States/UTs where the scheme will be implemented through the Trust/Society, the actual expenditure or premium limit (whichever is lower) will be provided by the Central funds in the pre-determined ratio.

Who will get the benefit of Ayushman Bharat Yojana 2018?

Launching the scheme, Finance Minister Shri Arun Jaitley said that Ayushman Bharat Yojana 2018 is being operated for the poor families of the country.  The benefit of this scheme will be provided to the economically poor and backward families of the country.  So that the health problems of such poor families of the country can be removed.  Therefore, the benefit of Ayushman Bharat Yojana 2018 will be provided directly to the poor, low level and BPL card holders of the country.

Benefits of Ayushman Bharat Yojana 2018 

Ayushman Bharat Yojana 2018 is a very big scheme.  The benefit of this scheme will be directly provided to the poor people of the country.  Some of the major benefits of Ayushman Bharat Yojana 2018 are as follows -

Benefit to the poor

Ayushman Bharat Yojana has been formed only for the poor of the country.  As a result of this scheme, benefits will be provided to such poor families.  Those who could not get treatment for major diseases.  Due to which many poor people died.  Apart from this, those who used to get poor treatment also.  Their deposits were completely destroyed.  After which he had to face financial crisis.  But now as a result of Ayushman Bharat Yojana 2018, such poor families will get rid of such problems to a large extent.

Easy treatment of major diseases

With the operation of Ayushman Bharat Yojana 2018, treatment of deadly major diseases like cancer, TV etc. can be done easily.  Because till now the treatment of such diseases is not available in the village.  But now with the operation of this scheme, these facilities will be available in villages also.

India will become disease free

Ayushman Bharat scheme will help in making India disease free to a great extent.  Because now from Ayushman Bharat Yojana 2018 even poor families will be able to get treatment.

TV patients will get fund -

Funds will also be provided to TV patients under Ayushman Bharat Yojana 2018.  Every year 14% of patients in India die from TV.  This figure is quite shocking.  In India, about 300,000 people register themselves in patient hospitals every year.  Under Ayushman Bharat Yojana 2018, now TV patients will be provided assistance at the rate of ₹ 6000 annually ( ₹ 500 monthly).

Number of Beneficiaries – AB-NHPM will target 10.7 crore poor, disadvantaged rural households and identified occupational category of urban workers as per the latest data from Socio Economic Caste Census (SECC) covering both rural and urban.

The plan is dynamic and aspirational and the plan will take into account future segregation/inclusion and deprivation in SECC data.

Toll Free Helpline Number for Ayushman Bharat Yojana 

 0805-928-2008,0808-328-0131,

 0803-979-6126,0806-574-4100,

 0805-901-5854

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Pradhan Mantri Suraksha Bima Yojana

Prime Minister's Suraksha Bima Yojana

The government has announced the Pradhan Mantri Suraksha Bima Yojana for their protection for accident victims, premature death and disability under insurance schemes.

Pradhan Mantri Suraksha Bima Yojana is a type of accident insurance policy.  Under which the amount of insurance can be claimed in case of death or disability at the time of accident.  Pradhan Mantri Suraksha Bima Yojana will be valid for 1 year.  Which has to be renewed every one year.  Under the Pradhan Mantri Suraksha Bima Yojana, a sum insured of Rs. 2 lakh will be given in case of death and total disability and Rs. 1 lakh in case of partial disability.  A person of 18 to 70 years can join the Pradhan Mantri Suraksha Bima Yojana.  On joining the Pradhan Mantri Suraksha Bima Yojana, an amount of Rs 12 per year will have to be paid to the holder as premium.

Features of Pradhan Mantri Suraksha Bima Yojana:-

Eligibility for Pradhan Mantri Suraksha Bima Yojana-

Under the Pradhan Mantri Suraksha Bima Yojana, any person of Indian origin between the ages of 18 and 70 can take advantage.

To join the Prime Minister's Suraksha Bima Yojana, it is mandatory to have an Aadhar card.

If a consumer has one or more savings accounts, then he can join the Pradhan Mantri Suraksha Bima Yojana through any one savings account.

How to become a part of Pradhan Mantri Suraksha Bima Yojana -

To be a part of Pradhan Mantri Suraksha Bima Yojana, the holder consumer will first have to link his Aadhar card with the bank, after that before June 1 every year, a form will have to be filled and given to the bank.  After such a short process, the holder can easily take advantage of the Pradhan Mantri Suraksha Bima Yojana.

Under the Pradhan Mantri Suraksha Bima Yojana, there are two options to stay connected with the scheme -

First option : Holders fill the form before 1st June every year.  After submitting the form, the bank will deduct the premium amount from the account.

Option 2: Take a long term risk of 2 to 4 years.  If the holder opts for it, the premium amount will be automatically deducted from the account by the bank every year.

Under the Pradhan Mantri Suraksha Bima Yojana, the insured will have to pay Rs 12 per year as premium before 31st May.

Pradhan Mantri Suraksha Bima Yojana application form is available in Bengali, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil and Telugu.

Benefits of Pradhan Mantri Suraksha Bima Yojna Under the Pradhan Mantri Suraksha Bima Yojana, the holder will be given accidental life insurance of Rs 2 lakh. In addition, an insurance of Rs 1 lakh will be given on partial loss.  For this sum insured, the holder will have to pay only Rs 12 per year i.e. Re 1 per month as premium.  In future, the Pradhan Mantri Suraksha Bima Yojana will be linked to the Pradhan Mantri Jan Dhan Yojana.

Being linked to this Pradhan Mantri Suraksha Bima Yojana bank, the holder will get rid of the worry of paying premium as this amount will be deducted directly from the account.  Pradhan Mantri Suraksha Bima Yojana is considered to be the cheapest insurance scheme ever.

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Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana

Prime Minister Narendra Modi on 9 May 2015 launched three schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) – with the objective of providing the basis of social security to the common man.  Out of these, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is in effect from 1st June, 2015.  It is a useful renewable insurance scheme which provides adequate social security to the citizens on payment of premium of just Rs 330 per annum.  Paying its premium is also very convenient.  The premium of this insurance is auto debited directly from the customer's bank account.  Pradhan Mantri Jeevan Jyoti Bima Yojana is a progressive step in the direction of increasing the awareness and coverage of insurance in the country.

Through the Pradhan Mantri Jeevan Jyoti Bima Yojana, the central government has set a target to bring all sections of the society under insurance cover.  At present, 80-90 percent of the total population of the country does not have any kind of insurance cover.

Under this plan a life insurance cover of Rs 2 lakh for one year which is payable in case of death of the subscriber due to any reason.  Savings account holders in the age group of 18-50 years can avail this annually renewable life insurance by paying a premium of Rs 330 per annum per customer.  If a person has more than one savings account in any one or different banks, he can still take advantage of PMJJBY but in that case he can join the scheme with only one savings account.

Process to start Pradhan Mantri Jeevan Jyoti Bima Yojana

Via SMS 

An SMS is sent to the eligible customers applying for this scheme, on which they have to give their feedback by writing in English.  If the subscriber sends in writing, he joins the scheme and another SMS is sent to him as an acknowledgment that he has been included in the scheme.

The scheme depends on the banking system for its smooth functioning.  The name of the nominee, his relationship with the applicant and the date of birth, etc. details, this scheme automatically takes the information available in the savings account.

The application made for PMJJBY is not processed unless the information about the nominee is found in the bank's records.

The annual premium for the policy is paid from the savings account through auto debit mode and if for any reason the premium is not paid, the insurance cover of the plan member terminates.

Through Net Banking 

The customer can click on the 'Insurance' tab after logging in through net banking.  And after that they have to select PMJJBY and also they have to choose the account through which premium payment is to be made.  Also, they can retain the nominee of the existing savings account designation or nominate a new person at will.

They will also have to declare that they are in good health and will also have to submit a self-signed certificate for the same.  After completion of this process the system will display the complete details of PMJJBY.  Then after clicking on the 'Confirm' button they will get the form submission receipt in the form of a unique reference number which can be downloaded and kept for future reference.

Premium of Pradhan Mantri Jeevan Jyoti Bima Yojana:

PMJJBY can be renewed from year to year.  The member of this plan has to pay an annual premium of Rs 330 which means he has to deposit less than Re 1 per day and Rs 27.5 per month.  This amount is deducted from the account holder's savings bank account through 'auto debit' facility in one installment.  Therefore, it is necessary for the customers to deposit the required amount in their respective bank account and get the policy renewed every year.

The annual installment under this plan is paid before 31st May during each annual coverage period.  If the annual installment could not be deposited before this date, the policy can be renewed by paying the full annual premium in lump sum along with self-declaration of good health.  For their convenience, the mandate to be auto-debited every year during the term of the scheme can be issued to the member of the scheme in one go.

Eligibility Conditions:

All those citizens of India can apply for this scheme, whose age is between 18 years to 50 years and their account should be in any bank recommended for this scheme and at least such amount is deposited in this scheme.  The premium should be sufficient to pay Rs 330.  Also the applicant should have aadhar card which will be considered as the main KYC (customer information) of the candidate for that bank account.  It is necessary for the applicant to provide the name of the nominee and the relationship details with him.  Apart from this, the applicant will have to submit a self-declaration of his good health in the duly filled application form.

Death Claim

On the death of the member of this scheme, the person nominated by the candidate of the account will be entitled to get the death claim amount of Rs.

The master policy holder for this plan

This low cost life insurance plan is administered and offered in association with Life Insurance Corporation (LIC) and other life insurance companies including banks participating in the scheme who are master policy holders.  LIC will implement a simple and customer friendly administration and claim settlement, in consultation with the participating bank, the chosen insurance company.  The Insurance Company shall implement a simple and customer friendly administration and claim settlement process in consultation with the participating bank.  In fact, the decision of involving any Life Insurance Company for the implementation of this scheme for its customers will be at the discretion of the participating banks.  They shall bear the responsibility of recovering the annual premium in one installment, at the option, from the account holders immediately before the due date through the 'auto debit' process.  They will send the premiums every year to the insurance companies as soon as they are received.

termination of insurance

Life insurance cover can be either terminated or curtailed in any of the following situations-

On attaining the age of 55 years of the account holder.

If he closes his bank account or does not have sufficient deposit in his bank account to continue the insurance scheme.

If the cover is availed through more than one account, the cover will be limited to Rs 2 lakh and the premium will be forfeited.

 

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Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana is the National Mission for Financial Inclusion in India and whose objective is to provide banking facilities to all the families across the country and to open a bank account of every family.  The scheme was announced on 15 August 2014 and was launched by the Indian Prime Minister Shri Narendra Modi on 28 August 2014.  Before the formal launch of the project, the Prime Minister sent an e-mail to all the banks in which he declared 'Bank Account for Every Family' as a 'National Priority' and more than seven crore families should be admitted and their account under the scheme.  All the banks were asked to gear up to open.  1.5 crore bank accounts were opened on the day of the inauguration of the scheme.

Phase I (15 August 2014 to 14 August 2015):-

Ensuring everyone's access to banking facilities.

Providing basic bank account with overdraft facility of Rs 5000 after 6 months and Rupee Debit Card and Rupee Kisan Card facility with built-in accident insurance cover of Rs 1 lakh.

Financial Literacy Program |

Phase II (15 August 2015 to 15 August 2018) 

Establishment of Credit Guarantee Fund to cover defaults in overdraft accounts.

micro insurance

Unorganized sector insurance scheme like Swavalamban.

Apart from this, families living in hilly, tribal and inaccessible areas will be included in this phase.  Not only this, the focus will also be on the remaining adult members of the family and the students in this phase.

Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana:-

If Aadhar Card / Aadhar Number is available then no other documents are required.  If the address has changed, self attestation of the current address is sufficient.

If Aadhaar card is not available, any of the following officially valid documents (OVD) are required: Voter ID, Driving License, PAN Card, Passport and NREGA Card.  If these documents also include your address, it can serve as both a proof of identity and address?

If a person does not have any of the officially valid documents mentioned above, but it is classified as low risk by banks, he can open a bank account by submitting any one of the following documents:

Identity Card with photograph of the applicant issued by Central / State Government Departments, Statutory / Regulatory Authority, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;  Letter issued by a Gazette Officer, with a duly attested photograph of the person.

Special benefits under Pradhan Mantri Jan-Dhan Yojana-

interest on deposit

accident insurance cover of lakhs

No minimum balance is required.

Life insurance cover of Rs.30,000/-.

Easy money transfer across India.

Beneficiaries of government schemes will get direct benefit transfer in these accounts.

After 6 months of satisfactory operation of the account, an overdraft facility will be allowed.

Accident insurance cover, Rupay Debit Card must be used at least once in 45 days.

5000/- is available only in one account per household, preferably the female of the household.

Objectives of Pradhan Mantri Jan-Dhan Yojana (PMJDY):-

Providing banking facilities through bank branches, mobile van, BC model etc. and opening of rural people accounts in 3.24 lakh villages out of 5.92 lakh villages of India.

To open at least one bank account from each family.

Opening of accounts in all banks to cover all the families of the country.  It is noteworthy that 6 crore rural and 1.5 crore urban households in India do not have a bank account.

Providing RuPay ATM card to every account holder.

To provide accident insurance benefit of up to Rs.1 lakh to the beneficiary through RuPay ATM card.

To provide financial literacy to the customers during account opening.

To provide overdraft facility up to Rs.5000 to them after 6 months of satisfactory operation of the account.

To provide micro insurance products and micro pension to the customers.

Benefits of Pradhan Mantri Jan-Dhan Yojana (PMJDY):-

The amount received by the subscriber from government schemes like MNREGA, Social Security Scheme, Social Pension Scheme etc. will be deposited directly in his account and corruption will be stopped.

With the accounts having the benefit of insurance, the customers will get protection.  Low cost deposits in banks will increase.

ATM, mobile and internet banking, credit/debit card etc. will increase the trend and the country will move towards development.

Account can be opened with zero balance.

Each account holder will get an overdraft facility up to Rs.5000.

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public provident fund

public provident fund

PPF or Public Provident Fund is a savings scheme offered by the Government of India.  Which was introduced by the National Savings Institute of the Ministry of Finance in 1968.  The interest on PPF account is paid by the Government of India and is fixed every quarter.  It is also tax-free under section 80C.  Currently the PPF interest rate for 1st April to 30th June 2020 (Q1 FY 2020-21) has been fixed at 7.1%.  The PPF interest rate for January - March 2020 (Q4 FY 2019-20) was 7.9%.

Salient Features of PPF Account :

The principal and interest in the PPF account is guaranteed by the government.

Contribution to the account up to Rs 1.5 lakh per annum is tax free.  Interest on PPF account is also tax-free.

The interest rate for PPF account is announced by the government every quarter.  PPF returns are higher than the FD rates of many banks in that period.

Any Indian citizen can open PPF account.

There is no upper age restriction for opening a PPF account.

PPF account can be opened in post office and branches of all government and major banks.

Being a government savings scheme, investment security is fully guaranteed by the Government of India.

Children's account can also be opened under the guardianship of the guardian.  A child above 10 years of age can also open it independently.

This account can be opened with an initial deposit of at least ₹ 500/-.  And it is mandatory to deposit at least ₹ 500 / - in this account every year, otherwise there may be a penalty of ₹ 50 / - per year.

Up to a maximum of ₹1.5 lakh can be deposited in each financial year.  And there is an exemption to deposit money up to a maximum of 12 times every year, which can be deposited more or less at any time according to their convenience.

There is also the facility of depositing money in this account through NEFT / RTGS and net banking.

Deposit, interest and withdrawal of PPF account are exempted from tax on all three.  Partial withdrawal amount after 5 years is also completely tax free.

A good interest rate is available on the amount deposited in the PPF account. The same interest rate is given everywhere in the post office and banks.

The facility of taking loan against the deposit amount is also available from the third year of the PPF account. There is also a facility to close the account in emergency after 5 years of account opening.

After the completion of 15 years of the PPF account, the entire amount along with interest is paid.  Even after the maturity of the account, its period can be extended for the next five-five years.

There is also a facility to create a nominee in the PPF account.

You can transfer PPF account anytime to your nearest post office or bank branch as per the requirement.

Eligibility for PPF 

Any person who is a resident of India can open a PPF account.  PPF accounts can also be opened by parents for their minor children.  NRIs cannot open PPF accounts.  However, a resident Indian who has become an NRI after opening a PPF account can continue the account till maturity.  Joint accounts and opening of multiple accounts are not allowed.

Interest on PPF Account 

PPF is a fixed income investment.  The interest rate on PPF account is notified by the central government every quarter.  Interest on PPF is calculated on the minimum balance between the end of the fifth day of the month and the last day of every month.  Presently the interest rate of PPF account is 7.9% (as on July19-Sept19).

Tenure of PPF Account :

PPF account matures after the expiry of 15 years from the financial year in which the account was opened.  For example, if the PPF account was opened on 1st February 2005, it will mature for 15 years on 31st March 2020 i.e. from 31st March 2005.  On maturity, you can extend the PPF account indefinitely in blocks of 5 years.

Nomination Rules for PPF Account

Nomination in PPF account can be done in favor of one or more persons.  It also needs to specify the percentage share of each nominee.  Anyone, i.e. parent, spouse, relative, child, friend etc. can be nominated.  Form E is used to add the nominee to the PPF account.

Nomination can be done at any time during the tenure of the PPF account.  Nomination can be changed, canceled or changed through Form F.

Tax exemption in PPF account

Contribution to PPF account (up to Rs 1.5 lakh per annum) is exempted under section 80C of the Income Tax Act, interest earned is exempted and maturity proceeds are also exempted from tax.  The interest earned on the PPF account has to be mentioned on the income tax return.

Attachment order protection

The PPF account cannot be attached under any order or judgment of any court for any debt or liability under the Government Savings Bank Act, 1873.  It protects the account holders against all the creditors including the Income Tax Department.

 Loan Against PPF Account 

The facility of availing loan against PPF account is available from 3rd financial year till 6th financial year from the date of account opening.  In other words, the loan can be availed at any time after the end of one year from the end of the financial year in which the account was opened, but before the expiry of five years from the end of the financial year in which the account was opened.

For example, if the PPF account is opened on February 1, 2014 (Financial Year 2013-14), then the end of the financial year in which the account was opened is March 31, 2014.  The loan can then be availed from April 1, 2015 and availed for the next five years i.e. March 31, 2019 (FY 2018-19) from the end of the financial year of opening the loan account.

The maximum tenure of this type of loan is 3 years.  The maximum loan amount for PPF accounts is 25% of the balance at the end of the previous financial year in which the loan was applied for.  For example, if the investor wants to take a loan in April 2014, then the maximum loan that can be availed will be 25% of the balance as on March 31, 2013.  Form D is required to be submitted to take loan against PPF account.

The interest rate payable on loan taken against PPF account is 2% higher than the prevailing interest rate on PPF account.

To reactivate inactive account

If the minimum contribution of ₹ 500/- per year to the PPF account is not made, the account becomes inactive.

An application has to be submitted to the post office or bank branch for revival of the account.

For every year the account becomes inoperative, a penalty of ₹ 50/- has to be paid.  And a minimum amount of ₹ 500/- has to be paid for all the years following the financial year of the account becoming inactive.

Partial withdrawal from PPF account

Partial withdrawals can be made after the expiry of 5 years of the year in which the account is opened.  For example, if the account was opened on January 1, 2014, withdrawals can be made from the financial year 2021-22.  Only one partial withdrawal is allowed per financial year.  The maximum amount that can be withdrawn per financial year is 50% of the account balance before the current year, till the end of the financial year, or 50% of the account balance up to the end of the fourth financial year, before the current year.  Form C is required to be submitted for partial withdrawal from PPF account.

In case of premature closure of PPF account:

Premature closure of PPF account is not allowed within 5 years of account opening.  After that it can be closed only on specific grounds, such as serious illness of the account holder, spouse, dependent children or parents, in which there is a danger to life.  But to prove these grounds, you must have the necessary medical documents.

In case of death of the account holder

In case of death of the PPF account holder, the nominee/legal heir to the PPF account can claim the income from the PPF account by producing the death certificate of the account holder.  Along with this, the claimant has to submit Form G and an application form containing the information related to the claim like account number, nominee details etc.

Maturity of PPF Account

PPF account matures after a period of 15 years from the end of the financial year opening the account. At the time of maturity, the account holder has the following options:-

Withdrawal of maturity amount -

The account holder can withdraw the PPF amount as well as the interest earned.  Entire maturity is exempt from income tax.

Extension of PPF with contribution-

A subscriber can extend the PPF account indefinitely in a block of 5 years at a time.  The account holder has to apply for extension of account with further contribution by submitting Form H.  Once the account is extended with contributions, a maximum of 60% of the balance amount can be withdrawn as on the date of extension of the account.  This amount can be withdrawn in one go or it can be withdrawn over several years.  Withdrawals can be made maximum once in a year.

Forms to be used in PPF account

 

 

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Prime Minister Shram Yogi Maandhan Pension Scheme

Prime Minister Shram Yogi Maandhan Pension Scheme

In the Interim General Budget 2019 by Prime Minister Narendra Modi, the ambitious pension scheme Pradhan Mantri Shramyogi Maandhan Yojana was announced for the workers of the unorganized sector of the country.  Under the scheme, the unorganized sector workers/labourers will get a monthly pension of at least three thousand rupees after the completion of 60 years or retirement.

Key details of the scheme

This scheme was launched on 15 February 2019.  The total budget of the scheme is Rs 500 crore.

To take advantage of Pradhan Mantri Shramyogi Maandhan Yojana, the minimum age should be 18 years and the maximum age should be 40 years.  People younger and older than this will not be able to take advantage of the scheme.

Under this scheme, workers with a monthly income of less than Rs 15 thousand, whose age is between 18 and 40 years, according to their age, they can contribute Rs 55 to 200 and at least three thousand rupees after 60 years of age.  You can get monthly pension of Rs.

In this scheme, the amount of premium equal to the premium paid by you will also be paid by the government.  Which means there will be a 50-50% partnership between the government and the beneficiary.

The main objective of Pradhan Mantri Shramyogi Maandhan Yojana is to provide financial assistance to the workers of the unorganized sector after the age of 60 years.  So that they do not have to face financial crisis after retirement.

For this scheme, 3.13 lakh centers have been set up across the country.  The process of registration for the scheme is going on from February 15.  Large network of LIC has been used to register for the scheme.

Pradhan Mantri Shram Yogi Maandhan Yojana Application Form and Process

You can apply for the Pradhan Mantri Shram Yogi Maandhan Yojana at the Common Service Center of the Panchayat, apart from doing online registration.

To apply for this scheme, you have to go to the Common Service Center (CSC) near you with Aadhaar card and bank account information.

Here the service center officials after taking all the information from the applicant will register in the scheme based on the age of the applicant, on that basis the applicant will have to pay the premium.

The premium amount for the first month will be deducted from the account wallet of the CSC officer, after which the applicant will have to pay the same in cash to the CSC officer.

The online Shram Yogi Pension Number of the applicant will be generated as soon as the official makes the online payment.  Also, a separate receipt will be generated with the signature of the applicant.

The officer will take a print out of this receipt, take the applicant's signature on it, and then scan it and upload it on the site.  After this, the applicant's Shram Yogi card will be generated, which will be printed and given.

Finally, after verifying the bank account, premium debit will be activated every month, the information of which will also be available to the applicant through a message in the mobile.

Understand how much premium will have to be paid from the contribution chart given below

In case of leaving the plan midway:-

If someone leaves the scheme within 10 years after starting the scheme, then the amount he had deposited as premium till now will get that amount along with interest.

If a person leaves the scheme after 10 years of starting the scheme but before 60 years, then he gets interest along with premium amount, interest rate of pension fund or interest rate on ordinary account, whichever is higher.

On death (before 60 years) – If a person participates in the scheme, and also pays the premium continuously, but if he dies in the middle then his spouse can continue this plan.  , and can deposit further premium.  But if he does not want to continue the scheme further, then he can leave in the middle, the deposit amount will be given to him by the government along with interest.  If the holder and his/her nominee spouse also dies, then all the deposits will go to the Pension Fund Fund.

On death after 60 years – If a person dies after the age of 60 years, then his spouse will continue to get 50% of the pension amount received under this scheme.

 

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Prime Minister Kisan Samman Nidhi Scheme

Prime Minister Kisan Samman Nidhi Scheme

Pradhan Mantri Kisan Samman Nidhi Yojana was announced by the PM Modi government during the interim budget.  Under this beneficial scheme, the small farmers of the country will be given an assistance amount of Rs 6000 every year directly in their bank account.  Earlier, through the Pradhan Mantri Kisan Samman Nidhi Yojana, it was decided to provide assistance at the rate of Rs 6000 per year to small and marginal farmer families who have land of 2 hectares or less, but now all farmers will get the benefit of this scheme.  About 14.5 crore farmers of the country will get its benefit from Kisan Samman Nidhi Yojana.  6000 rupees will be given to the farmers every year in three installments.  75,000 crore has been allocated by the central government for the Pradhan Mantri Kisan Samman Nidhi Yojana.  This scheme has been started with the hope of doubling the agricultural income of the farmers by the year 2022.

Key points of the plan

This scheme was started by Prime Minister Narendra Modi on 24 February 2019 from Gorakhpur district of Uttar Pradesh.  The central government will spend 100% in this scheme.

The first installment of the scheme 2000 / - was sent to the bank account of the farmers on 24 February 2019, the second installment was sent in March.  The third installment of Pradhan Mantri Kisan Samman Yojana is being transferred to the farmers from August 1, 2019, this is the last installment of this year.

So far, Rs 2,000 each of the first and second installments have been transferred to the bank accounts of about 6 crore 15 lakh farmers.

Under this scheme, financial assistance will be given to the needy small and marginal farmers.  Which they can use to increase crop production.  The target of this scheme is to double the income of farmers by 2022.

To get the benefit of Pradhan Mantri Kisan Samman Nidhi Yojana, application can be made through online or offline.

To apply offline for Pradhan Mantri Kisan Samman Nidhi Yojana, farmers can get the form from their Gram Panchayat or the nearest CSC center.  After this, farmers can fill this form along with their necessary documents and submit it to the Gram Panchayat.

To take advantage of this scheme, farmers have to get registered with the Agriculture Department, along with necessary documents like revenue record, bank account number, mobile number and Aadhaar number.

If there is any confusion regarding the application in this scheme, then farmers can contact their accountant.  The Lekhpal verifies that you are a farmer.

For information about this scheme and redressal of problems related to it, from Monday to Friday, PM-Kisan Help Desk (PM-KISAN Help Desk) e-mail (pmkisan-ict@gov.in) and phone number 011-  You can also contact on 23381092 (Direct HelpLine).

While applying online for the scheme, it is necessary for the farmer to have his Aadhar card number, voter ID card and bank account number, as well as the information of the farm such as the size of the field, how much land is there etc.  Apart from this, if the farmer comes from SC / ST category, then he will have to give a certificate for that.

After applying, a list of the names of the farmers benefited by the Pradhan Mantri Kisan Samman Nidhi Yojana is put in the Gram Panchayat, along with this, SMS is also sent to the mobiles of the farmers who want to get the benefit of the scheme.

Government servants (except Class IV/Group D employees) and farmers who have got more than 10 thousand pension will not get the benefit.  Along with this other professionals like doctors, lawyers, if they do farming then they are also not eligible for benefits.  Apart from this, people filing income tax returns also cannot take advantage of this.

The official website for Kisan Samman Yojana has been started by the Central Government -http://pmkisan.nic.in/Home.aspx List of beneficiary farmers on the basis of the data of farmers uploaded on this site by the Central Government, State Government  will issue.

To see the list of beneficiary farmers under Pradhan Mantri Kisan Samman Nidhi Yojana :-

First of all go to the official website of Kisan Samman Nidhi Yojana  https://pmkisan.gov.in/.

After this, on the home page of this site, click on the button of 'LG Directory'.  After clicking on this button a new web page will open in which you will see two options, Rural (Rural) and Urban (Urban).

Select it according to your respective region, as well as click on the button with "Get Data" in front of it.

After this select the name of the state, district, tehsil and village for rural area and select state, district, and ward number for urban area.

After filling all the information click on submit below.  After this the list of beneficiary farmers will be displayed.

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