The Atal Pension is a social security scheme introduced by the government of India to secure the financial future of workers of unorganized sector after retirement. Canara Bank Atal Pension Yojana scheme aims to provides regular income and social security to the senior citizens.
The Indian citizens having a savings bank account in Canara bank can subscribe for Atal Pension Yojana. Let’s read further to know in detail about Canara Bank Atal Pension Yojana.
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The following are the salient features of Canara Bank Atal Pension Yojana.
The Canara Scheme is open to all bank account holders, who are not a member of any statutory social security scheme. The scheme mainly focused to provide financial security to the workers of unorganized sectors, self-employed, traders, agriculturists, etc.
The payment of pension starts at the age of 60 years. The minimum period of contribution towards the scheme is 20 years or more.
An individual can apply for Atal Pension Yojana from any Canara Bank Branch. One just need to follow few simple steps to do so.
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Withdrawals from the Canara Bank Atal Pension Yojana Scheme can be made in case:
The subscriber can exit the scheme once they attain the age of 60 years. After exiting the policy the pension is paid out to the scheme holder on monthly basis, as per the contribution made by them.
In the event of the unfortunate demise of the scheme holder, the monthly pension is paid to his/her spouse. In case of the demise of both the subscriber and the spouse, the pension amount is paid to the declared beneficiary of the scheme.
In case the subscriber wants to exit the scheme before attaining the age of 60 years, he/she will not receive any co-contributed amount by the government as well as the applicable interest on the amount Otherwise, the Canara APY can only be withdrawn only in event of demise or terminal illness of the subscriber.
In case of delayed payment, fine is levied by the Canara Bank. The charges applicable as penalty ranges from a minimum of Rs 1 to a maximum of Rs 10 per month. The penalty amount depends on the amount of contribution made towards the scheme.
*All savings are provided by the insurer as per the IRDAI approved insurance
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
+Returns Since Inception of LIC Growth Fund
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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