The Punjab National Bank offers the option to the customers to subscribe for Atal pension Yojana. Atal Pension Yojana is a guaranteed pension plan which is specifically designed to secure the financial future of individuals of an unorganized sector. All citizens of India working in the unorganized sector can register for this scheme. It is compulsory for subscribers to choose the beneficiary.Read more
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Further here we have explained in details about different aspects of Atal Pension Yojana PNB.
An individual can apply for Atal Pension Yojana from any Punjab National Bank Branch. The following are step by step process to subscribe to Atal Pension Yojana.
The Indian citizens who are not availing any benefits from any other social security scheme can subscribe for Atal Pension Yojana through different participating banks including Punjab National Bank. The applicable entry age to subscribe for the scheme ranges from a minimum of 18 years to a maximum of 40 years. Minimum documentation is required for the application under the PNB APY scheme. Along with the application form, the individual needs to submit valid age proof and identity proof.
Withdrawals from the PNB Atal Pension Yojana Scheme can be made in case:
The subscriber reaches the age of 60 years:
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amount by the government as well as the applicable interest on the amount Otherwise, the PNB APY can only be withdrawn only in event of demise or terminal illness of the subscriber.
Let’s take a look at some of the salient features of the scheme.
In case of late payment, the penalty is imposed by the PNB bank. The penalty charges applicable on the delayed payment 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.