One of the several banks that offer the Atal Pension Yojana is Indian Overseas Bank. Subscribers to the Indian Overseas Bank Atal Pension Yojana would get a pension payment ranging from Rs.1,000 to Rs.5,000 when they reach the age of 60.
The Government of India is concerned and cautious about the income security of the country's elderly. Therefore, it is trying to encourage and enable the working poor to participate in the NPS or National Pension System.
The Atal Pension Yojana gives a fixed pension amount based on contribution and time. The Atal Pension Yojana is for all unorganized sector workers who want to join the NPS (National Pension System), which is primarily administered by PFRDA (Pension Fund Regulatory and Development Authority).
Subscribers to the Indian Overseas Bank Atal Pension Yojana will receive a minimum of INR 1000, INR 2000, INR 3000, INR 4000, and INR 5000, based on contributions on or after the age of 60.
Here are the features of the Atal Pension Yojana scheme:
If they wish, all Indian Overseas Bank account holders can join the Atal Pension Yojana via automatic debit from their accounts. This would essentially cut the collection fees for contributions.
All subscribers must ensure that the required contribution amount is in the bank account from which it will be taken. Once the initial donation is made, the subscriber will be given the monthly contribution due dates. If the monthly installments are not made on time, the Government of India's contribution will be increased.
This will result in the account being foreclosed. The Aadhaar card is one of the most crucial documents necessary for the spouse, nominees, and beneficiaries' identification. This is done to ensure that there are no conflicts over entitlement and pension entitlements in the long run.
Here is the procedure one needs to follow in order to enroll for the Atal Pension Yojana through Indian Overseas Bank:
Through ECS mandates, your monthly payments can be paid each month from the Indian Overseas Bank Account, or you could also pay it in other ways.
There are other ways to open your Atal Pension Yojana. You can also physically visit the Indian Overseas Bank that you hold an account with, along with all of the details, and you can have the bank's representative help you with completing the procedure offline.