Punjab National Bank Atal Pension Yojana

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.

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Further here we have explained in details about different aspects of Atal Pension Yojana PNB.

How to Join PNB Bank Atal Pension Yojana?

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.

  • Visit any branch of PNB bank and get the application form of Atal Pension Yojana.
  • Thoroughly fill the application form with the right information.
  • Provide the required details like bank account number, name and other related details- from where you want to auto-debit the monthly contribution.
  • Submit the copy of relevant KYC documents along with the properly filled application form.
  • In case the applicant has an Aadhaar Card, then he/she will have to enter the Aadhaar card number as well.
  • Once the above-mentioned steps are completed, the applicant can submit the same to the bank executive who will further confirm the subscription to the Atal Pension Yojana.
  • After verification and confirmation, the monthly premiums will be debited automatically periodically from the savings bank account of the subscriber.

Who can Apply for PNB Bank 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.

Withdrawal Options of Atal Pension Yojana

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 case of demise of the scheme holder:

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.

Exiting the scheme before attaining the age of 60 years:

 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.

Features of Punjab National Bank Atal Pension Yojana

Let’s take a look at some of the salient features of the scheme.

  • Any Indian citizen of an unorganized sector can join the Atal Pension Yojana
  • The subscriber need to make a monthly contribution towards the scheme, which is auto-debited by PNB from the registered savings bank account of the subscriber.
  • A minimum pension of Rs.1000 is offered by the APY to the subscriber whereas, the maximum pension amount offered by the scheme is Rs.5000. the pension amount is guaranteed along with the return of corpus to the declared beneficiary.
  • While subscribing for Atal Pension Yojana it is mandatory to choose the nominee.
  • The government co-contributed 50% of the amount which is totally contributed by the subscriber or Rs.1000 yearly, whichever is lowest for a tenure of up to 5 years.
  • In case the contributor discontinues payment, then:
    • The APY account will be ceased after 6 months of non-payment.
    • The APY account will be deactivated after 12 months of non-payment.
    • The APY account will be closed after 24 months of non-payment.
  • In order to enable deduction of premium per month it is mandatory to maintain a minimum balance in the savings account.
  • The subscriber will need to provide a valid mobile number so that they can get all the updates related to the scheme from time to time.

PNB Atal Pension Yojana Scheme Delay Charges

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.

  • For a monthly contribution up to Rs. 100 per month, the penalty charge applicable is Rs.1 per month.
  • For a monthly contribution ranging from Rs 101-Rs 500 per month the penalty charge applicable is Rs.2 per month.
  • For a monthly contribution ranging from Rs 501-Rs 1000 per month the penalty charge applicable is Rs.5 per month.
  • For a monthly contribution above Rs 1001 per month the penalty charge applicable is Rs.10 per month.
Written By: PolicyBazaar - Updated: 05 August 2021
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