PM-SYM Compare

Additional Useful Information

• The subscriber’s age should be between 18 and 40 years.

• People above 40 years are not eligible.

• The maximum contribution which can be made towards this scheme can be refer to the table from the official website of the PM-SYM Scheme https://maandhan.in/show_content.php?lang=1&level=1&ls_id=138&lid=115&page=6

• The maximum contribution towards this scheme cannot exceed ₹2,400 in a year (₹200 per month).

• The individual should be an unorganized sector worker and the worker’s monthly income should be Rs.15,000 or below.

• The scheme is not eligible for income taxpayers and any individual engaged in organized sector i.e. member of EPFO/NPS/ESIC.

• On Early withdrawal:
• If a subscriber exits within ten years, only their contribution share is returned with interest equivalent to savings bank rates.
• If the subscriber exits the scheme after completing ten years or more but before attaining 60 years. Then, the beneficiary’s contribution along with interest or the interest from the savings bank account, whichever is higher, is paid.
• If the subscriber has given regular contributions and dies due to any cause, the spouse is entitled to continue subsequently by paying regular contributions as applicable.
• Also, the spouse can exit the scheme by receiving the share of the contribution deposited by the subscriber. The spouse will receive the contributions along with interest as earned by the pension fund or the interest at the savings bank rate, whichever is higher.

• On Disablement
• Suppose the eligible subscriber has given regular contributions and becomes permanently disabled due to any cause before attaining 60 years of age and unable to contribute. In such a case, the spouse is entitled to continue with the scheme by paying regular contributions as applicable.
• Also, the spouse can exit the scheme by receiving the share of the amount deposited by the subscriber. The spouse will receive the contributions along with interest as earned by the pension fund or the interest at the savings bank rate, whichever is higher.

• On Death
• During the receipt of the pension, if the subscriber dies, the spouse is entitled to receive only 50% of the pension amount.
• Therefore, only the subscriber’s spouse is eligible for family pension and not any other family member.

Returns *

• The individuals who are a part of this scheme are entitled to receive a minimum pension amount of Rs.3,000 per month once they complete 60 years.

• PM-SYM operates on a 50:50 basis, with the government matching the beneficiary’s contribution.

Risk Level

• PM-SYM invests the contributions in a mix of government securities and fixed-income instruments these are generally considered low-risk.

Liquidity

• Premature Exits can be done at any time. This indicates that APY is a liquid investment scheme.

• Investors can look at ‘additional useful information’ to know more about the withdrawal terms.

Interesting Facts

• The scheme’s contribution amounts are affordable, making it accessible to low-income workers.

• Subscribers contribute through auto-debit from their bank accounts, simplifying the process and ensuring regular payments.

Tax Implications

• PM-SYM is an entirely tax-free scheme.

• Any interest received from PM-SYM account is tax free.

• Any amount received at maturity is tax free.

Where To Invest

• https://labour.gov.in/pm-sym