Bank of Maharashtra Atal Pension Yojana

The Bank of Maharashtra and its branches provide the Atal Pension Yojana. It is a pension scheme for the elderly. Individuals can obtain it by completing a form and submitting the required KYC documents.

The scheme was launched in order to establish healthy working sector retirement savings through long-term schemes.

What is the Atal Pension Yojana Bank of Maharashtra?

Citizens who are between the ages of 18 and 40 can apply for the Atal pension program, and the pension amount will be paid whenever the citizen reaches the age of 60. The pension value ranges between Rs. 1000 and Rs. 5000, and the system is supported by the Pension Fund Regulatory and Development Authority (PFRDA) via the NPS architecture. 

The pension amount is determined by the amount contributed by the individual over time. Atal Pension Yojana is available at all Bank of Maharashtra branches and can be obtained by finishing the appropriate form and submitting the required KYC documents.

Who is Eligible for the Bank of Maharashtra Atal Pension Yojana?

  • The Atal Pension Yojana scheme is open to all citizens between the ages of 18 and 40.
  • Individuals must also maintain a savings account with the Bank of Maharashtra, from which the monthly contribution amount would be withdrawn.
  • When applying for this scheme, individuals must also supply their Aadhaar card details and mobile number.

KYC Documents Required for the Atal Pension Yojana

There are some documents that you will have to take along with you to open the Atal Pension Yojana:

  • Address Proof
  • Photo Proof

How to Apply Online for the Atal Pension Yojana through Bank of Maharashtra

The steps to follow to enroll in the Atal Pension Yojana of the Bank of Maharashtra:

  • Step 1: You will first have to register with the internet banking services of the Bank of Maharashtra in order to open the Atal Pension Yojana.
  • Step 2: Once you have registered, you will have to log in to the portal through the internet banking credentials of the Bank of Maharashtra.
  • Step 3: Once you have logged in to your internet banking portal - you will have to navigate to the investments section and choose - Atal Pension Yojana. 
  • Step 4: Download the Atal Pension Yojana form, and fill in all of the needed documents. 
  • Step 5: Once you've filled in the form and submitted the KYC documents, you will have to confirm it.
  • Step 6: The verification process will take place, and you will be verified with a created account in no time.

Steps to Apply Offline for the Atal Pension Yojana through Bank of Maharashtra

For this, you will have to go to the Bank of Maharashtra with the needed documents, and then - the representative of the bank will help you with completing the formalities and opening the Atal Pension Scheme in no time.

Also, you can transfer the money needed each month into the Atal Pension Yojana. Or it could also be done by passing the ECS mandate on your Bank of Maharashtra savings account.

Benefits of the Atal Pension Yojana Bank of Maharashtra

There are varied benefits to opting for the Bank of Maharashtra Atal Pension Yojana, and they are:

  • An individual who enrolls in the Bank of Maharashtra Atal Pension Yojana scheme will receive a monthly guaranteed sum after reaching the age of 60, and this scheme is primarily for individuals working in unorganized industries.
  • Individuals with accounts at the Bank of Maharashtra are eligible for the pension.
  • When an individual reaches the age of 60, he or she can apply to the Bank of Maharashtra to depart the plan and begin receiving the pension. However, leaving the plan before reaching the age of 60 is only permitted in severe circumstances such as terminal sickness or death.
  • For individuals who do not qualify for any Statutory Social Security Scheme or are not income taxpayers, the government would contribute 50% of the individual's payment, up to Rs. 1000 per year.
  • This approach allows each subscriber to open only one account.
  • Citizens over the age of 18 years and who are under the age of 40 are eligible to participate in this program, with a minimum contribution term of 20 years.
  • Those who join this scheme between 1 June 2015 and 31 December 2015 will receive a 5-year co-contribution from the Government of India.
Looking to Invest?
Open an account with Groww and start investing for free
INVEST NOW
Loading...
ⓒ 2016-2022 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 3.5.2
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  ICICI PRUDENTIAL |  HDFC |  NIPPON INDIA |  ADITYA BIRLA SUN LIFE |  SBI |  UTI |  FRANKLIN TEMPLETON |  KOTAK MAHINDRA |  IDFC |  DSP |  AXIS |  TATA |  L&T |  SUNDARAM |  PGIM |  INVESCO |  LIC |  JM FINANCIAL |  BARODA PIONEER |  CANARA ROBECO |  HSBC |  IDBI |  INDIABULLS |  MOTILAL OSWAL |  BNP PARIBAS |  MIRAE ASSET |  PRINCIPAL |  BOI AXA |  UNION KBC |  TAURUS |  EDELWEISS |  NAVI |  MAHINDRA |  QUANTUM |  PPFAS |  IIFL |  Quant |  SHRIRAM |  SAHARA |  ITI