Citizens Bank Auto Debit Authorization: Fill & Download for Free

Differences between NPS and APY1. Joining Age – The age of joining in Atal Pension Yojana is from 18 to 40 years whereas in New Pension Scheme age of joining is from 18 to 60 years.2. Who can join – Only resident Indian can join in APY but in NPS any Indian including NRI can also join.3. Pension slab- In APY there are five pension slab i.e Rs 1000/-, Rs 2000/-, Rs 3000/-, Rs 4000/-, Rs 5000/-(per month).Whereas in NPS it is decided by the Pension Fund Manager's performance. Also in NPS 50% amount will be paid at the time of retirement and rest will be paid on yearly basis.4. Guaranteed Pension– In APY there is guaranteed pension after retirement. In NPS there is no guaranteed pension although subscriber will have the option to actively decide as to how his/her NPS pension wealth is to be invested in the following three options:Asset Class E - Investments in predominantly equity market instruments. (High Risk but very good returns)Asset Class C- Investments in fixed income instruments other than Government securities. (Medium Risk- good returns)Asset Class G - Investments in Government securities. (Low Risk- Normal Returns).In 2014–15, the average weighted return on the NPS fund was 12.5%.5. Type of account- In APY only one type of account is there. Where as in NPS there are two types of account namely Tier-I and Tier-II.6. Premature Withdrawal - In APY there is no premature withdrawal allowed except death or special condition. Where as in NPS Premature withdrawal is allowed. The premature withdrawal is only allowed in Tier-II account.7. Government Contribution – In APY 50% or Rs 1000/- (which ever is lower) contribution from Government is done for 5 years only if the account is opened on or before 31 Dec 2015. Whereas in NPS there is no such contribution by the Government. However in NPS the Central Government and State Government employee's contribution is fixed at 10% of salary and Dearness Allowance (DA) per month which is matched by an employer contribution of the same amount.8. Tax Benefit- In APY there is no tax benefit, where as in NPS you can avail a Tax rebate upto Rs 2,00,000.9. Reason to join- In APY you can join only to get pension after 60 years whereas in NPS there are three reasons which are listed below.To provide old age income.Safe and remarkable return over long period.Extending old age security coverage to all citizens10. Fund Manager – In APY there is no option to select Pension Fund Manager whereas in NPS there is a option to select Pension Fund Manager. There are 8 Pensions Fund Manager who will manage your contributions. The Pension Fund Manager are listed below.HDFC Pension Management Co.LtdICICI Prudential Pension Fund Management Co. Ltd.Kotak Mahindra Pension Fund Ltd.LIC Pension Fund Ltd.Reliance Capital Pension Fund Ltd.SBI Pension Funds Pvt. Ltd.UTI Retirement Solutions LtdPension Fund by Birla Sunlife Insurance Co. Ltd.11. Permanent Account- In NPS once you are enrolled in Yojana you will be issued Unique Permanent Retirement Number (PRAN). In this way you can operate your account from anywhere within India whereas no such PRAN is there in APY. The monthly contribution in APY will be auto debited from your saving account. 12. Where to open account- In APY you can open in any Indian bank where you have a saving account. Where as in NPS you can open the account at POPs. (Home-Pension Fund Regulatory and Development Authority (PFRDA))13. Minimum Amount- In APY the minimum amount varies as shown belowIn NPS the annual contribution is(a) minimum Rs. 6000/- for Corporate Model and All citizens Model or(b) 10% of Salary and DA for Government employees (equally to be contributed by Government as I wrote before) or(c) Between Rs. 1000-Rs. 1200 for economically disadvantaged sections of the society. This is under NPS Swavalamban. Contribution cannot exceed Rs. 1200 per year under Swavalamban scheme.

Atal Pension Yojana (APY) is a pension scheme introduced by the Government of India in the financial year 2015-16. The objective of implementing this scheme is to provide old age income security to the unorganized sector and encourage them to voluntarily save for their retirement.However, the scheme is not just open for the unorganized sector. All citizens of India within the age group of 18 to 40 years and having a valid savings/bank account can take the benefit of investing in this scheme.Atal Pension Yojana is based on a defined contribution and guaranteed pension system. It means that the Subscriber will have to decide the pension amount he wishes to receive at retirement and accordingly set the frequency of contributions based on his age and income.The most important advantage of APY is the Guaranteed Pension Benefit:An APY subscriber has three guaranteed pension benefits –1. Life time guaranteed pension between Rs. 1,000 to Rs. 5,000 (as decided by the Subscriber)2. Same amount of life long pension to spouse after Subscriber’s death3. Nominee will get Rs. 1.7 lakh to Rs. 8.5 lakh after death of spouseWe have discussed the features of the APY scheme in the points below:Government Backed Pension Scheme: APY is backed by the Government of India and is regulated by Pension Fund Regulatory Authority of India (PFRDA). So, Subscribers interests are safeguarded as the Government assures the pension payments.Auto Debit Functionality: One of the most important conveniences of the scheme is the auto debit functionality. The monthly contribution amount is directly debited from the linked bank account of the beneficiary. This ensures discipline of investment is set for regular corpus accumulation and provides ease of investing.Frequency of Contributions: A Subscriber based on his income and convenience can decide the frequency of contributions to his/her APY account – Monthly, Quarterly or half yearly.Flexibility to Increase/Decrease Contributions: As we have mentioned earlier, the pension amount a Subscriber will receive at retirement, is determined by their contributions. In APY, the Subscriber has the flexibility to change the pension amount and make larger or smaller contributions based on their financial capacity or convenience.NPS and APY: Subscribers can join the National Pension System (NPS) and APY both at the same time. Investing in both these schemes will ensure a larger pension amount at your disposal at the time of retirement.Regards,NSDL e-Governance Infrastructure Limited(CRA for National Pension System)

India has changed drastically in last few years. I only mention my personal experiences.I wanted to renew my passport. I applied online, booked an appointment. Went to passport office. Work done in 30 mins. I received my passport in 5 days ! No bribe, No agents, No extra money.I wanted to apply for PAN Card to my wife. We filled the form online. Received the card in less than a week. No middle-men involved.I wanted to sell my old scooter. I put an advertisement in OLX. Sold it in a day ! No dealer needed.I wanted to transfer my gas connection from one state to other. It happened in less than 10 mins. No waiting or bribe.I forget to pay the bills. Now, I now use the auto-debit feature for almost all the bills. Hassle-free and no late payment charges.All members of my family carry a smart phone. Communication has raised to a whole new level through Whatzapp, Facebook, Twitter etc !I wanted to buy health insurance. It is done online within few minutes. No agent, No worries.You want to open a Fixed Deposit? No need to visit the bank. Do it through your net banking !You changed your address? You can update the same online in any document (Aadhar, bank etc)You need to assess your income tax? You dont need chartered accountants now. Do it online within minutes.Internet has been so much affordable. You get GB’s of internet for less than 1000 bucks ! Remember those days (2010–2012) when we waited near cyber-cafe and pay 20 rupees for half an hour !You need to interact with any government authority? Tweet them or raise an issue in the portal.Do you want to travel somewhere? Book a cab through any app (OLA, Uber etc). You get a car in your door step. Also, no need to pay for both sides :)Bus, Air and Train ticket booking has become child's play. Even senior citizens are used to it !Do you want to buy things but dont have time to go to shop? Order it online through Amazon/ Flipkart / any other. You get it at your door step. No extra charges !You dont need that much cash nowadays. Most of the transaction happens with card. No worries.India is changing. Changing for good !Credits goes to we INDIANS ! We have adopted well.Cheers :)