The Indian Government has focused on the country's old age income in the working class for a long time. Therefore there is a focus on saving money for the retirement phase. This initiative addresses the longevity risks among the unorganized sectors of workers and encourages them to save for the phase of retirement voluntarily. Therefore the launch of the Atal Pension Yojana.
Several famous banks allow their customers to access this facility and register for it through them. Among them, the Union Bank of India is also one - the bank's customers can easily join Atal Pension Yojana Union Bank of India.
What is the Union Bank Atal Pension Yojana?
The Union Bank of India Atal Pension Yojana is the scheme that you can access when you have a savings account with the Union Bank of India. The Atal Pension Yojana, as already mentioned, is a retirement scheme that has been initiated with the motive of serving the after-retirement life through a pension.
The scheme is for the country's working sector, so they can invest in it voluntarily. The minimum age for this investment is at the age of 18, and the maximum age for it is at the age of 40.
Characteristics of Union Bank Atal Pension Yojana
Some of the important features of the Union Bank Atal Pension Yojana are as follows:
- All Union Bank account holders can easily join the Atal Pension Yojana plan.
- The Indian Government will ensure the benefit of the Union Bank Atal Pension Yojana minimum pension.
- The guaranteed monthly minimum pension for participants under the Atal Pension Yojana is between Rs 1000 and Rs 5000 each month.
- The Indian Government would co-contribute to every eligible subscriber who joined this scheme between 2015 June 1 and December 31, 2015, for a 5-year period. The benefit of 5-years of government co-contribution under the Atal Pension Yojana would not exceed 5-years for subscribers, including Swavalamban beneficiaries who have relocated.
- The Indian Government additionally matches 50% of the APY subscriber's contribution, up to Rs 1000 per year, whichever is lower. The government co-contribution is available to everyone who is not covered by Statutory Social Security Schemes and does not pay income taxes.
Documents Needed to Open the Atal Pension Scheme Union Bank of India
There are two main types of documents needed for the Atal Pension Yojana when applying for it through the Union Bank of India:
Atal Pension Yojana Online Apply Union Bank of India
These are the steps that you need to follow in order to join the Atal Pension Yojana through the Union Bank of India:
- Step 1: Firstly, you can open an Atal Pension Yojana account through the Union Bank of India only when you hold a savings account with the bank.
- Step 2: Register with the internet banking services of the bank and log in.
- Step 3: Once you have logged in - you will have to go to the investments sections and choose Atal Pension Scheme.
- Step 4: You will have to fill in the Atal Pension Yojana form with the right set of details.
- Step 5: After this, you will have to provide all of your documents and complete the KYC procedure.
- Step 6: After the documents have been verified successfully, your Atal Pension Yojana will be created, and you can deposit money into it and more.
This is the process to finish the application procedure online, and if you have a savings account with the Union Bank of India - you can also choose to do it offline by visiting the closest branch of that bank.