Customers of UCO Bank can apply for the Atal Pension Yojana. This scheme benefits people working in the unorganized sector by providing subscribers with a guaranteed pension. The pension payment would range between Rs.1,000 and Rs.5,000.
What is the UCO Bank Atal Pension Yojana?
Like other reputable public and private sector banks in the country, UCO Bank offers consumers the opportunity to enroll in the Atal Pension Yojana. This UCO Bank Atal Pension Yojana is a central pension system that intends to empower unorganized sector workers and is open to all Indian residents between the ages of 18 and 40.
To subscribe to this pension program, you can get a PDF version of the Atal Pension Yojana registration form from the official website of UCO Bank.
Characteristics of the UCO Bank Atal Pension Yojana
- Subscribers to this central government scheme will receive a guaranteed pension.
- This approach allows each subscriber to open only one account.
- The Uco Bank Atal Pension Yojana is available to all Indian nationals. However, it is primarily intended for those working in the unorganized sector.
- Subscribers can make donations beginning at the age of 18 and continuing until the age of 40.
- The bank will invest the money provided in accordance with the guidelines established by the Government of India's Ministry of Finance.
- The monthly pension payment would range between INR 1,000 and INR 5,000.
Atal Pension Yojana Apply to UCO Bank
You can join the Atal Pension Yojana UCO Bank through the following steps:
- Step 1: To join the Atal Pension Yojana from UCO Bank, you must either download an Atal Pension Yojana UCO Bank Online application form or visit the UCO bank and submit one. Make sure you have a self-attested photocopy of your Aadhaar card as well as the original for verification.
- Step 2: Next, specify the payment frequency, such as monthly, quarterly, or semi-annually. After submitting the application form and KYC data, you successfully enrolled in the APT.
- Step 3: Contact the bank or post office where you have a savings account.
- Step 4: When you do not have a bank account with UCO Bank, you must open one to be eligible for this scheme.
- Step 5: Fill out the Atal Pension Yojana registration form and authorize the UCO bank to deduct your payments to the program based on the payment frequency mode you choose (monthly, quarterly, or half-yearly installment).
Benefits of the UCO Bank Atal Pension Yojana
The are various benefits of investing in the UCO Bank Atal Pension scheme, and the significant advantages are:
- One of the advantages of the UCO Bank Atal Pension Yojana is that private sector employees can also participate in it.
- Subscribers can choose the quantity of their donation, which determines the number of their returns.
- When you reach the age of 60, you will be entitled to a guaranteed pension sum of 1000|2000|3000|4000|5000.
- In the event of the subscriber's death - the pension amount will be paid to the spouse or nominee.
- You will also be entitled to a tax break under Section 80CCD of the Income Tax Act of 1961.
- The Pension Funds Regulatory Authority of India manages and distributes the whole sum collected (PFRDA).
- As an added bonus to this program, the government announced a co-contribution of 50% or 1,000 per year to subscribers who joined between June 1st and December 31st, 2015, for a period of five years.
- The government will make a co-contribution for people who are not covered by any Statutory Social Security Schemes and are not income taxpayers.