The Atal Pension Yojana is a social security scheme that provides pensions to unorganized sector workers. It encourages qualified recipients to make monthly contributions to ensure their life after retirement.
Existing subscribers may also request an early departure from the Atal Pension Yojana under certain circumstances. An APY exit policy, according to standards, entails cancelling a subscriber's APY account.
What is the Atal Pension Yojana in BoB?
All the Bank of Baroda account holders are eligible for the Atal Pension Yojana (APY). The scheme is open to any Indian citizen between the ages of 18 and 40. At the age of 60, subscribers would get a fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, and Rs. 5000 per month.
The monthly pension will be available to the subscriber under APY, and after him to his widow, and after their deaths, the subscriber's pension corpus, as accrued at age 60, would be returned to the subscriber's nominee.
How to Apply for Atal Pension Yojana Online in Bank of Baroda?
There are three ways to open an Atal Pension Yojana through the Bank of Baroda: internet banking, mobile banking, and offline banking.
Steps to Apply for the Atal Pension Yojana via the Bank of Baroda Internet Banking:
- Step 1: You will first have to hold an account with the Bank of Baroda to open the Atal Pension Yojana.
- Step 2: If you are an account holder of the Bank of Baroda, then you will have to register with the internet banking of Bank of Baroda.
- Step 3: Once you have registered, locate the official portal and log in to your internet banking account.
- Step 4: Once you have logged in - you can see the option of investments.
- Step 5: Under investments, you must choose 'Atal Pension Yojana.'
- Step 6: Under this option, you will be asked to fill in all of your details on the Atal Pension Scheme form, including the nomination.
- Step 7: Once you have provided all your details and provided your documents, you can deposit money and start your pension scheme.
There is also another online method for you to open the Atal Pension Scheme, and that is through the mobile banking application of the Bank of Baroda.
Steps to Start the Atal Pension Yojana through Bank of Baroda Mobile Banking
- Step 1: You will have to download the mobile banking application of Bank of Baroda.
- Step 2: Once you have downloaded the application, you can sign up and log in for the mobile banking application.
- Step 3: Now, you can go to the section that says schemes or investments and choose the Atal Pension Yojana.
- Step 4: You can provide your details by filling out the form and verifying your documents, and you will have created your Atal Pension Yojana account.
Steps to Start the Atal Pension Scheme Offline
Visit the closest branch of Bank of Baroda - and you can speak to an executive to fill in the form and sign up for the Atal Pension Yojana.
Atal Pension Yojana Scheme Bank of Baroda Benefits
There are various advantages to enrolling in the Atal Pension Yojana through the Bank of Baroda, and the major ones are:
- Since you are already an existing bank customer, the scheme's application process becomes much easier for you.
- You can invest in the scheme from the comfort of your home through the online processes.
- You can also choose from internet banking, mobile banking, or doing it offline.
- You can gain easy access to the Atal Pension Yojana.
Documents Required for Atal Pension Yojana Bank of Baroda
Along with the application form that has been filled, you will also have to submit several other documents with it to get the benefits of the pension, and they are:
- ID Proof: You will have to get along the following documents (any one of them) - Photo identity card, ration card, passport, PAN, Aadhaar, the electric bill, Job card, water bill, NREGA, bank passbook, and more.
- Address Proof: Any one of the following needs to be accepted as the address proof, and they are - passport, Aadhaar card, photo ID card, bank passbook, ration card, and more.