Punjab National Bank Atal Pension Yojana

Customers of Punjab National Bank can enroll in the Atal Pension Yojana, which provides a guaranteed pension. This scheme is open to all Indian people working in the unorganized sector. Compulsory selection of a nominee will be required.

What is the Atal Pension Yojana PNB?

The Atal Pension Yojana is a good initiative launched by the Indian government to ensure that those who work in unorganized and private sectors and are not protected by any social security have a safe and secure old age.

The premium to be paid within the system is fairly small, and anyone can enroll. It's all about taking a proactive approach to ensure a bright future.

Atal Pension Yojana Online Apply PNB

You could apply for the Atal Pension Yojana Scheme at any Punjab National Bank branch. The steps to follow for the PNB Atal Pension Yojana Online application:

  • Step 1: The Atal Pension Yojana application form is available at any PNB branch.
  • Step 2: Fill out the application form fields with pertinent information.
  • Step 3: Provide information such as your name, bank account number, and other relevant information about where you want the monthly donations to be deducted automatically.
  • Along with the application form, including copies of any necessary KYC documents.
  • Step 4: If you have an Aadhaar card, include your Aadhaar number.
  • Step 5: Once you have finished the aforementioned processes, you can submit them to the relevant executive, who will subsequently validate your subscription to the Atal Pension Yojana.
  • Step 6: Once confirmed, your monthly premiums will be debited from your savings account on a regular basis.

Eligibility for Atal Pension Yojana Punjab National Bank Online

Citizens of India who are not covered by any other social security plans can enroll in the Atal Pension Yojana through one of the partner banks, including Punjab National Bank.

The subscriber must be at least 18 years old, with a maximum age limit of 40 years. The documents required for an application under the PNB Atal Pension Yojana scheme are low. You only need to submit a valid identification and age proof with your application form.

Characteristics of the Punjab National Bank Atal Pension Yojana

Here are the features of the PNB Atal Pension Yojana:

  • The APY scheme provides a minimum pension of Rs.1000 to the subscriber and a maximum pension value of Rs.5000. The pension amount is guaranteed, as is the corpus return to the declared recipient.
  • It is mandatory to select a nominee when enrolling in the Atal Pension Yojana.
  • The government donated 50% of the total amount contributed by the subscriber or Rs.1000 each year, whichever is less, for a period of up to 5 years.
  • The Atal Pension Yojana is open to any Indian person working in the unorganized sector.
  • The subscriber must make a monthly contribution to the scheme, which is deducted automatically by PNB from the subscriber's registered savings bank account.
  • A minimum amount in the savings account is required to enable monthly premium deduction.
  • The subscriber must supply a valid mobile number to get all scheme-related notifications regularly.

How to Withdraw the Funds of the Atal Pension Yojana

At the Age of 60

Subscribers can only leave the scheme when they reach the age of 60.

Once the subscriber has left, the pension will be given to the scheme holder on a regular basis, based on his or her contribution.

In the event of Death

In the event of a subscriber's death, the monthly pension will be paid to his or her spouse.

The pension fund would be returned to the declared nominee when there is an event of death of both the subscriber and his/her spouse.

Before the Age of 60

If a subscriber decides to leave the program before reaching 60, he or she must forfeit the government's co-contributed sum and the interest accrued on the money.

Otherwise, the PNB Atal Pension Yojana scheme can be closed only in the event of the Scheme holder's death or terminal illness.

Penalties of the Late Payments

If there are any late payments, Punjab National Bank will levy a penalty. The penalty for late payments might range from as little as Rs. 1 per month to as much as Rs. 10 per month. The penalty amount is determined by the amount of contribution made.

  • The penalty for a monthly donation of up to Rs. 100 per month is Rs. 1 each month.
  • The penalty is Rs. 2 per month for monthly contributions ranging from Rs. 101 to Rs. 500.
  • The penalty is Rs. 5 per month for monthly contributions ranging from Rs. 501 to 1000.
  • The penalty for a monthly contribution in excess of Rs. 1001 is Rs. 10 per month.
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