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Atal Pension Yojana was launched by Prime Minister of India Sh. Narendra Modi on May 09, 2015. This scheme was launched along with 2 other insurance schemes i.e. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Atal Pension Yojana is a social security scheme. There are lot of articles on Atal Pension Yojana in the internet and I have compiled the information from all these sites and presented it in an easy way. From this you will get a clear idea on what it is.Why Atal Pension Yojana was introducedI do my MBA right now and I have met lot of students. A large number of them are behind Government Job’s. Even one of the senior HR’s in a reputed IT company, which once interviewed me also resigned from there when he got a government job even though if the salary was less compared to his present job. What matters a lot for them is the job security and obviously the attractive pension scheme and privileges which they get after retirementThere was a time when getting a government job was easy as there was no demand for service jobs. But now at present the demand is too high. Even people with phD’s try for government jobs.People who work in the private sector or employed in occupations that do not give them the benefit of pension can apply for the scheme. They can opt for a fixed pension of INR 1,000 or 2,000 or 3,000 or 4,000 or 5,000 on attaining the age of 60. The amount of contribution and the individual’s age will determine the pension. Upon the contributor’s death, the spouse of the contributor can claim the pension and after the spouse’s death the nominee will be returned the corpus accrued.In short, the future job boom will be for people in unorganized which includes semi skilled people. Not many people will be willing to take a job in the unorganized sector until unless there are Financial Benefits & Social Security attached to it. So this scheme is introduced for them.Summary of Atal Pension Yojana1. A Pension Scheme for unorganized sector workers.2. Min and Max age of entry under Atal Pension Yojana is 18 years and 40 years.3. Pension will start at the age of 60 years.4. Premature withdrawal is allowed only in case of a death of a beneficiary or terminal disease.5. Depending on the contribution of a beneficiary, under Atal Pension Yojana there is a guaranteed pension of Rs 1,000 to Rs 5,000 per month in the multiples of 1000’s.6. Monthly contribution to Atal Pension Yojana is allowed7. In case of discontinuation of payment:After 6 months, account will be frozenAfter 1 years, account will be deactivatedAfter 2 years, account will be closed8. The beneficiary should not be covered under statutory social security scheme of Govt of India.9. The subscriber can opt for nomination facility.10. Govt will contribute 50% of the total contribution or Rs 1000 per annum, whichever is lower to Atal Pension Yojana Accounts opened on or before 31st Dec, 2015. This contribution will be for 5 years from 2015-16 to 2019-20. The beneficiary should not be an income tax payer to avail Government co-contribution.11. Registered beneficiaries of Swavalamban Yojana aged between 18 – 40 will be automatically migrated to Atal Pension Yojana with an option to exit.12. An individual can open only 1 account under Atal Pension Yojana.3. Official website of Atal Pension Yojana scheme ishttp://www.jansuraksha.gov.in/14. You can call on following toll-free no’s to get scheme detailsNational Toll-Free – 1800-180-1111 / 1800-110-001To know helpline no of your state, Click Here15. The forms of Atal Pension Yojana are available in 9 languages. To download the form, Click Here. Sample English form is as follows.16. To open an account under Atal Pension Yojana, contact your bank and provide APY application form, Aadhaar number and mobile no.17. If you don’t have a bank account then open the new bank account by submitting KYC documents, Mobile no and Aadhaar number along with application form of Atal Pension Yojana. You cannot opt for this scheme without bank account details.18. You also need to provide authorization letter to set up auto debit facility and Spouse / Nominee details. The only mode of contribution to this scheme is through the auto debit facility from the bank account. Cash / Cheque / DD / Online Payment or any other mode of payment is not available as of now.19. There is no tax deduction available on the contribution towards Atal Pension Yojana. Pension received will be taxable as an income from salary.20. If you are an existing EPF account holder then you cannot opt for co-contribution from Govt’s end.21. Aadhaar number is not mandatory to open an account under Atal Pension Yojana though it is desirable that it should be provided.22. The beneficiary will receive SMS alerts related to account details/activity. He / She will also receive a physical statement at regular intervals.23. On death of a beneficiary before attaining 60 years of age, the nominee will receive monthly pension and will also receive lump-sum amount depending on the pension amountMonthly Pension of Rs 1000: 1.70 lakhMonthly Pension of Rs 2000: 3.40 lakhMonthly Pension of Rs 3000: 5.10 lakhMonthly Pension of Rs 4000: 6.80 lakhMonthly Pension of Rs 5000: 8.50 lakh24. The monthly contribution can be changed once in a year for higher / lower pension amount.25. There is no fixed due date for auto debit of the monthly contribution. Bank can recover the contribution any day during the month as and when the funds are available.Few Concerns1. Any social security scheme in India is prone to misuse. Though the government is creating a centralized database of all the beneficiaries under Atal Pension Yojana. If the misuse of this scheme is not controlled then it might be a nightmare to control the pension outflow or settle insurance claims. Best examples of misuses are MGNREGA or leakage of LPG subsidy (Which is fixed to a large extent). The probability of misuse is high as there is a lump sum payment on the death of a beneficiary & pension. Therefore, a person may enroll for all 3 new launched social security schemes to avail the benefits.2. Inflation: Though a pension of Rs 5000 may sound decent today, but the scheme has not considered inflation adjustment. A pension of Rs 5000 after 20 years might not be sufficient to survive for few days due to inflationary pressures. An inbuilt mechanism should be there to adjust the contribution and pension amount to account impact of inflation.3. Legal Disputes: As i observed that in most of the cases there is a dispute at the time of insurance claim settlement. As per the rule, the nominee is only the custodian of the insurance amount received. The amount is passed on to the either legal heirs of the deceased as per Succession Act or as per the WILL of the deceased. It may be an operational nightmare for banks to handle such cases under Atal Pension Yojana.4. Rich Non-Tax Payers: Though scheme is for non-tax payers but what about non-tax payers like rich farmers or a rich businessman involved in small business activities. It will be sort of double bonanza for them. At a macro level, salaried class taxpayers are excluded from the Atal Pension Yojana.Have done lot of Research on this. Feel free to ask if you have any queries.Sourcehttp://sanoobsidiq.com/blog/social-security-scheme-atal-pension-yojana

Internet Banking has assumed great importance in view of the changing need of today’s customer for convenient and easy Banking. Traditionally, Banking involves the customer’s visit to the Branch. Internet Banking is the facility by which the customer can carry out his/her banking operations without visiting branch, through the Internet from the comfort of his home/office/mobile.Internet Banking makes banking possible for the customer without the confines of the two main dimensions, namely time and distance. Internet Banking enables a customer to perform internet banking transactions through his desktop/mobile handset 24 X 7 with no geographical boundaries either. Thus, Internet Banking is a powerful medium through which banking can be done from the comfort of your sofa.Apart from traditional facilities like Fund transfer and checking account balance, there are host of other services as well which makes our customers life easy. We are stating here few important services, which you can avail without visiting your SBI branch and are frequently used by our customers.Services related to Payment/Transfer –· Funds Transfer· Intra-Bank Transfer – Transfer of funds between SBI accounts.· RTGS/NEFT· Credit Card (VISA) - Credit Card (Visa) Bill Pay is a special service that allows customers to transfer money online from your SBI account to any VISA Credit Card issued in India.· IMPS Payments - Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.Services related to E-deposits· E-TDR/e-STDR - Customers can now open e-TDR/e-STDR through their internet banking.· E-TDR/e-STDR under Income Tax Savings Scheme· SBI Flexi Deposit - Unlike Recurring Deposit account, SBI Flexi Deposit offers flexibility in choosing the deposit amount within the minimum and maximum limits per financial year. The minimum period of deposit is 5 years and maximum is 7 years. All resident individual customers including minors are eligible for this scheme.· E-Annuity Deposit Scheme - Under this scheme, a lump sum amount is deposited by a customer which is repaid to the customer over a period in equated monthly instalment which comprises part of principle amount and interest on the reducing principle amount as well. Using the scheme customer can have fixed monthly amount against his onetime deposit. Payment will start on anniversary date of the month. If date is non-existent (29th, 30th and 31st), it will be paid on 1st day of next month. The Minimum deposit amount for Annuity deposit is based on minimum monthly annuity Rs.1000 for the relevant period. i.e. for 3 yrs. minimum deposit amount will be Rs.36,000. The maximum amount limit through Internet Banking will be the same as applicable for Fund Transfer within own account (See Enquiries - > Transaction limit / Charges).· E- Recurring DepositsApart from other services, we present to you list of financial transactions in brief which we offer through our internet banking services.· Intra-bank Fund Transfer.· Interbank Fund Transfer (NEFT/RTGS).· IMPS Fund Transfer.· International Fund Transfer.· State Bank mCASH - Send money and Create/save/print Gift Voucher.· Power Jyoti Fee Collection (PUL).· Instant Money Transfer (IMT)· NPS contribution.· EPFO subscription.· Western Union Money Transfer (Receive Money).· Credit Card (VISA) Bill Payments.· Donation to Religious and Charitable institutions.· NRI e-Z Trade Funds Transfer.· Online request for Issue of Demand Draft.· Utility Bill Payments (Electricity, Water, Telephone)· Mobile Top Up & DTH Recharge.· SBI Life Insurance Premium payment.· Mutual Fund Purchases.· SBI General Insurance Premium payment.· Premium payments of other insurance companies.· Online creation and closure of e-TDR/e-STDR/e-MOD.· Online creation and closure of e-RD/e-Flexi Deposit.· Online creation and closure of e-Annuity Deposit.· Overdraft against Deposit accounts.· My Holiday Saving account.· OD for Corporate Salary package Account.· Auto Sweep facility.· Online payment of State Govt. taxes.· Online payment of Direct taxes.· Online payment of Indirect taxes.· Setting of SI for periodical transfer of amount to other accounts.· Online request for closure of loan accounts.· Apply online for IPO (Equity).· Apply online for IPO (Debt).· NRE Services (Outward Remittance from NRE/FCNR (B))· Request by NRE customers for Inward Remittance Disposal· State Bank Virtual Card (Generate/Cancel/view virtual card details).· Gift Card (Create/Top Up/View History).· Prepaid Cards (Register/Top up/De-Register/view prepaid card details).· Payment of various fees of Educational Institutions.· Online Ticketing (Booking of Rail/Flight/Bus tickets).· Trade in Shares (eZ-trade@SBI).· SBI FX Trade for trading in Currency futures.· Sweep Creation for CSA.· EMI for e-Commerce.List of Non-Financial Services:-View/Download/Print Account Statement (Deposit, Loan, PPF).View Account summary.Reprint Challan.View Income Tax statement (Form 26AS).Link Aadhaar Number.Link LPG customer ID.Online registration for PMSBY (Pradhan Mantri Suraksha Bima Yojana).Online registration for PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana).Online registration for APY (Atal Pension Yojana).Change of Login Password.View Loyalty Points under State Bank Rewardz.Windows App Registration for State Bank Anywhere.Spend Analyser.e-Statement.PAN Registration.Update Email details.Login to e-Filing.Pending Statement.Add Billers.Delete Billers.Modify Billers.View Bills.View payments historyScheduling of Bills.Find Transactions.Interest Certificate on Deposit accounts.Download Housing Loan Interest Certificate.Download Education Loan Interest Certificate.Download Housing Loan (Prov.) Interest Certificate.Status Enquiry.Scheduled Transactions.Pension Slip.Transaction Limit/Charges.Reprint EPFO Challan.Eligible Loan/Withdrawal Limit on PPF.IMPS Status Enquiry.Set Account Nickname.View/modify personal details.High-Security Options.Change Password.Manage IPO Applicant.IRATA Ref. No. Status.Beneficiary Activation by Branch.Define Limit.Manage Beneficiary- Retail customer can add 3 beneficiaries per day.Aadhaar Number/UIDManage Accounts Display (hide/unhide).Online Submission of Form 15G/H.Enquire submission of form 15G/H status.TDS enquiry.TDS Account Linking.Online Mobile Number Registration/Updation.SMS alert registration/updation.Request for issue of cheque book.Online request for stop cheque payment (single/range of cheques).Revocation of stop cheques instruction.Online upgradation of access level.Online Locker.Apply for opening PPF account.Registration, De-registration of State Bank Freedom.Locker availability search.Update Buddy Wallet KYC.Enquire/Registration/Cancellation of Nomination.Sweep creation for CSA accounts.ATM PIN Generation.Block/Hotlist ATM card.Activation of New ATM card.Apply for New ATM card.Set ATM Transaction limit (Cash withdrawal/CNP).Demat Services (Holding details, transaction statement, billing statement)Generate challans/e-Receipts.Add to Favourites.Online Registration for Retail Internet Banking.Online Resetting of Login Password and Profile Password.Filing of Income tax returns.SBG Group services (Register and view SBI MF and SBI Life details).Lock User Access.Transfer of Savings Account

What are the most common lies people tell themselves about estate planning?They can ask questions of other people on Quora about estate planning and obtain all the legal advice they need for freeThey don’t have assets and don’t need a willEstate planning is only for rich peopleEstate planning is expensiveThey don’t need an estates attorney to make their wills; they can download forms from the internet for free and use the forms for their willsNot considering tax consequences of their self-prepared estate plansNot considering the possibility a married couple could both die in an accident and how probate laws view simultaneous deathsAfter they pay an attorney to prepare their estate plans they can put them in the drawer and never look at them againWills always have to go through probate, which will delay distributing gifts to beneficiariesThey don’t realize they can set up most of their assets to pass outside of probateThey have never heard of revocable trusts which can hold assets so they pass outside of probateRevocable trusts are only for rich peopleThey have never heard of nor think they need powers of attorney, and by operation of law their children automatically have authority to handle their medical and financial affairs if they become incapacitatedThey can simply download power of attorney forms and sign them, and medical providers, credit companies and financial businesses will automatically honor themThey can trust their relatives or family members to care for their minor children if they die while not realizing they can nominate guardians for their children in their will or trustIt will be no problem to leave a lot of money to their under-18 childrenThey do not have to worry about income taxes after they die or estate taxesEveryone in their families loves each other and be counted upon to take equal shares of their assets and especially the moneyAny other lies people tell themselves about estate planning not set forth, above