Indian Bank Atal Pension Yojana

Today all major banks are tied with the Pension Fund Regulatory and Development Authority, making it much easier for the account holders of banks to enroll for the Atal Pension Yojana. The Indian Bank has the same facility for the account holders of bank through the Atal Pension Yojana Scheme Indian Bank.

What is the Atal Pension Yojana in Indian Bank?

The Atal Pension Yojana (APY), a pension system for Indian residents, focuses on workers in the unorganized sector. The APY provides a guaranteed minimum pension of Rs. 1,000/-, Rs. 2,000/-, Rs. 3,000/-, Rs. 4,000/-, or Rs. 5,000/- per month at the age of 60, depending on the subscribers' contributions.

The government assured the advantage of a minimum pension under this scheme - if the actual realized returns on pension contributions are less than the assumed returns for a minimum guaranteed pension, such shortfall would be funded by the government over the period of contribution.

If, on the other hand, the actual returns on pension contributions are higher than the expected returns for the basic guaranteed pension, such excess shall be paid to the subscriber's account, resulting in enhanced plan benefits to the subscribers.

The government would additionally contribute 50% of the entire contribution or Rs. 1000 per annum, whichever is less, to any eligible subscriber who joins the scheme between June 1, 2015, and March 31, 2016, and is not a beneficiary of any social security scheme, and is not an income tax payer.

Atal Pension Yojana Online Apply to Indian Bank

There are two main ways to open an APY Account, and one is to visit the Indian Bank branch where you hold a savings account. At the bank, you will have to provide your duly filled Atal Pension Yojana application form and finish the KYC procedure. According to the Indian Bank, the KYC information would be replicated from the bank account when you have an account with the bank. 

You could also open your Atal Pension Yojana online while utilizing Indian Bank's Internet banking service. 

Features of the Indian Bank Atal Pension Yojana

Here is a list of the characteristics of the Atal Pension Yojana of the Indian Bank:

• For a 5-year term, the Indian government would co-contribute to any qualifying subscriber who joined this scheme between June 1, 2015, and December 31, 2015. 
• For subscribers, including Swavalamban beneficiaries who have relocated, the benefit of 5-years of government co-contribution under the Atal Pension Yojana will not exceed 5-years.
• In addition, the Indian government would match 50% of the APY subscriber's contribution, up to Rs 1000 per year, whichever is less. 
• Everyone who is not covered by Statutory Social Security Schemes and does not pay income taxes is eligible for the government co-contribution.
• All Indian Bank account holders are eligible to participate in the Atal Pension Yojana scheme.
• The Indian Bank Atal Pension Yojana minimum pension will be guaranteed by the Indian government.
• The guaranteed monthly minimum pension for Atal Pension Yojana participants is between Rs 1000 and Rs 5000 per month.

Documents Required to Apply for the Scheme

• Verification of identity (Aadhaar card)
• Documents proving your date of birth (SSLC Certificate.)
• The account number of your savings bank.
• Address confirmation (Voter ID card, Aadhaar card, etc.)

Procedure to Apply for the Atal Pension Yojana Indian Bank

Here is the step-by-step process where you can use internet banking to open an Atal Pension Yojana online:

• Step 1: Visit the Indian Bank portal and sign in.
• Step 2: Select Customer Service.
• Step 3: Select 'Service Request' from the drop-down menu.
• Step 4: From the "Bank Accounts" section, select "Enrol for Atal Pension Yojana."
• Step 5: Fill out all of the essential information and submit it. Within one working day, the Atal Pension Yojana Account will be enabled.

Benefits of Opting for the Atal Pension Yojana Indian Bank

There are several benefits to choosing to invest in the Atal Pension Yojana through the Indian Bank, and they are:

• You will get to take the initiative towards investing for the future and after retirement.
• It is easy to get the Atal Pension Yojana online enrollment through Indian Bank.
• It can be started off as early as the age of 18.
• The pension denominations of the Atal Pension Yojana are attractive.
• The Atal Pension Yojana guarantees the mentioned values after retirement.
• The Atal Pension Yojana can also be accessed by any Indian citizen, and it can largely impact the working sector of the country.