National Pension Scheme (Atal Pension Yojana) is run by the central government, under which auto-debit is not happening at present, but the term is ending on June 30. That is, from July 1, the money will be automatically deducted from the account of the people, who invest money in this scheme, i.e., auto-debit will be done. On 11 April, the pension regulator 'Pension Fund Regulatory and Development Authority' (PFRDA) had instructed banks not to auto-debit by June 30 due to the coronavirus pandemic. Auto debit resumes have been sent to customers via e-mail.
Auto debit will affect millions of people, as most of them are in the lower classes, whose income has been stagnated during the Corona epidemic. It has also been stated that no penalty will be taken from those whose pension scheme account is not regularized till 30 September 2020.
Although no penalty will be charged right now, in general, the penalty is levied for late deposit. A penalty of Rs.1 per month is charged on the contribution of Rs.100 per month. There is a penalty of Rs 2 on the contribution of Rs 101 to Rs 500 per month. A penalty of Rs 5 is to be paid on contributions ranging from Rs 501 to Rs 1000 per month. Apart from this, a penalty of Rs 10 is paid on contributions of more than Rs 1001.
The National Pension Scheme run by the Central Government is a social security scheme of the Central Government. Under this, people working in the unorganized sector get pension ranging from Rs.1000 to Rs.5000 every month from the central government. Any person between 18 and 40 years old can open an account.
It can be opened in any government bank or post office. However, a person can open only one National Pension Account. The most important thing about this is that if the pensioner dies, then the pension can be given to the wife or children as well.
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