Atal Pension Scheme Canara Bank is a scheme in which individuals can open an account to ensure financial security after retirement. To open this account, you must first have a savings account.
Canara Bank, a state-owned financial institution, has collaborated with the government to create several social security initiatives. One of these programs is the Atal Pension Yojana, which was announced in 2015 in Kolkata by India's Prime Minister, Narendra Modi.
The Canara Bank Atal Pension Yojana initiative aims to offer senior individuals with economic stability while simultaneously encouraging and ensuring their participation in the National Pension System (NPS).
Canara Bank Atal Pension Yojana Features
- The subscriber's savings account will be linked to the Atal Pension Yojana scheme via electronic clearing service (ECS), and payments will be automatically debited on the due date.
- To make the monthly contribution to the scheme easier, ensure the individual's savings bank account has enough funds.
- An individual can only have one Atal Pension Yojana Scheme Account.
- To apply for this scheme - you must have a Canara bank savings account.
- After the subscriber attains the age of sixty, the pension amount granted by Canara Bank APY ranges from Rs. 1,000 to Rs. 5,000 per month. The amount (value) of the pension is decided by the amount of contribution paid by the subscriber to the scheme.
- The minimum contribution duration to the APY is 20 years.
- The scheme's minimum and maximum entry ages range from 18 to 40 years.
- The government guarantees the benefit of a set pension.
Atal Pension Yojana Canara Bank Online Application
Anyone can apply for the Atal Pension Yojana at any Canara Bank branch. To do so, simply follow a few simple steps.
- Step 1: Visit any Canara Bank branch to obtain an application form for the Atal Pension Yojana.
- Step 2: Fill out the application Canara Bank Atal Pension Yojana Form completely and accurately.
- Step 3: Provide the necessary information, such as your bank account number, name, and other relevant information- from where you want to auto-debit the monthly payment.
- Step 4: Submit a copy of the appropriate KYC documents with the completed application form.
- Step 5: If the applicant has an Aadhaar Card, he or she must also input the Aadhaar card number.
- Step 6: After completing the aforementioned processes, the applicant can submit it to the bank executive, who will confirm the subscription you made to the Atal Pension Yojana.
- Step 7: Following verification and confirmation, the monthly premiums will be deducted automatically and on a regular basis from the subscriber's savings bank account.
Who is Eligible for Atal Pension Yojana in Canara Bank
All Canara Bank account holders are eligible for the Canara Bank Atal Pension Yojana. For each qualifying subscriber account, the Central Government guarantees a 50% co-contribution or Rs. 1000 per annum, whichever is less, towards each Atal Pension Yojana account.
The following criteria must be met in order to be eligible for the Canara Bank Atal Pension Yojana Scheme:
- The minimum admission age is 18 years, while the maximum age is 40 years.
- Subscribers must join the Atal Pension scheme between June 1st and December 31st, 2015. After this period, the scheme will remain open, but the option of government co-contribution will be eliminated.
- They should not be enrolled in any statutory social security system.
- The contributor does not have to be a taxpayer.
- Subscribers must be Indian citizens.
- He or she must have a savings account arrangement with a bank like Canara Bank.