The Atal Pension Yojana is one of the most advantageous social security plans implemented by the government in 2015-16.
People can contribute to their Atal Pension Yojana account till the age of 60 and will get a monthly pension as part of the scheme. This is advantageous because it provides people with a secured minimum pension sum to meet their expenses after they reach the age of 60.
What is the Atal Pension Yojana Central Bank of India?
The Atal Pension Yojana is fairly simply constructed, making it simple for anyone who wishes to register an account under the scheme to understand. Customers who want to open accounts under the scheme can do so at any of the major banks. The system is based on deposits from depositors up to the age of 60. The Pension Fund Regulatory and Development Authority (PFRDA) oversees the system.
All banks in the country today are linked with PFRDA, which makes it easier for the account holders to access the scheme. The Central Bank of India also provides this facility to its account holders.
Features of the Central Bank of India Atal Pension Yojana
- The Atal Pension Yojana can be a good source for beginning retirement planning.
- The Indian government majorly focuses on the working sector of the country to voluntarily invest after retirement, and therefore this scheme can be trusted as highly government-backed.
- The Atal Pension Yojana is a scheme that can be started at the age of 18 and until the maximum age of 40.
- Investors can also choose from five different denominations of pension (1,000, 2,000, 3,000, 4,000 and 5,000.)
- The scheme has guaranteed returns, unlike the National Pension Scheme.
- It is easy to keep track of the Atal Pension Yojana through the Central Bank of India internet banking services.
Atal Pension Yojana Online Apply to Central Bank of India
These are the in-depth steps to follow in order to apply for the Atal Pension Yojana through the Central Bank of India:
- Step 1: You will have to register with the internet banking of the Central Bank of India, and once you have registered with it, you can log in through the official portal.
- Step 2: Once you have signed in to the portal, you can direct towards the investments section and download the Atal Pension Yojana form.
- Step 3: Once the download has been finished and you have the form, you can go ahead and fill the form completely with your details.
- Step 4: Once the details have been filled, you will have to re-submit the form into the portal and finish your KYC (although most banks today do not ask for KYC, and they would avail it from the bank account itself.)
- Step 5: Once these things have been provided, the Atal Pension Yojana will be activated within a day.
Offline Process to Apply for Atal Pension Yojana in Central Bank of India
This procedure can also be done offline. In order to do this offline, you will have to go to the nearest Central Bank of India bank with your documents in hand. The bank representatives will help you, and you can create your Atal Pension Yojana account right there without having to do it through the bank's internet banking services.
Benefits of Investing in the Atal Pension Yojana Central Bank of India
- The spouse of the contributor receives the Atal Pension Yojana death benefits. When the contributor dies, the pension is automatically transferred to the spouse, who is the default nominee.
In this case, the contributor's and spouse's death, the nominee will get the predetermined corpus amount for the specific pension slab. If the contributor expires before they reach the age of 60, the spouse will have the choice of continuing the Atal Pension Yojana account and getting the advantages under it, or closing the account and receiving the contributions made and the gains on it.
- The retirement benefit is the primary Atal Pension Yojana benefit. The monthly pension will be handed out based on the payments made. Pension amounts range from Rs. 1,000 to Rs. 2,000, Rs. 3,000 to Rs. 4,000, and Rs. 5,000. These pensions have various contribution levels. In this case, the subscriber's death, the pension is paid to the spouse.
- To encourage people to contribute to the Atal Pension Yojana, the government is offering tax breaks on donations made to the scheme. The Atal Pension Yojana has tax benefits that are available under Section 80CCD(1B) up to Rs. 50,000 in excess of the Rs. 1.5 lakhs. This would assist in lowering the subscriber's taxable income.