Canara Bank Atal Pension Yojana

Features of Canara Bank Atal Pension Yojana

The following are the features of Canara Bank Atal Pension Yojana.

• Canara Atal Pension Yojana is a government-backed pension plan designed to provide financial assistance to people of the unorganised sector.
• An individual can open only one Atal Pension Yojana Scheme Account.
• It is compulsory to have a Canara bank savings account in order to apply for this scheme.
• The savings account of the subscriber will be linked to Atal Pension Yojana scheme through electronic clearing service (ECS). Payment will be automatically debited on the due date.
• To facilitate the monthly contribution to the scheme, it is important to ensure that the savings account of the individual has enough funds.
• The pension amount offered by Canara Bank APY ranges from a minimum of Rs 1000 to a maximum of Rs 5000 per month after the subscriber attains the age of 60 years. The pension amount depends on the amount of contribution made by the subscriber towards the scheme.
• The minimum period of contribution to the APY is 20 years.
• The entry age of the scheme ranges from a minimum of 18 years to a maximum of 40 years.
• The benefit of a fixed pension is guaranteed by the government.

Eligibility Criteria of Canara Bank Atal Pension Yojana

To enrol in the Canara Bank Atal Pension Yojana (APY), individuals must meet the following eligibility conditions:

• Must be an Indian citizen with an active savings account in Canara Bank.
• Age should be between 18 and 40 years at the time of enrolment.
• Should not be a taxpayer and must not be part of any other statutory social security scheme.
• The scheme was initially available for enrolment with government co-contribution between June 1st and December 31st, 2015. After this period, enrolment continues, but without the benefit of government contribution.
• Eligible subscribers may receive a 50% government co-contribution (or up to ₹1000 per year, whichever is lower) for a limited duration if they meet the earlier criteria.

Death Benefits under Canara Bank Atal Pension Yojana

In the unfortunate event of the subscriber's demise:

• If the subscriber dies before age 60: The entire accumulated corpus will be returned to the nominee.
• If the subscriber dies after age 60: The spouse will continue to receive the monthly pension. If both the subscriber and spouse pass away, the accumulated pension wealth will be paid to the nominee.

How to Apply For Canara Bank Atal Pension Yojana?

An individual can apply for Atal Pension Yojana from any Canara Bank Branch. One just needs to follow a few simple steps to do so.

• Visit any branch of Canara bank and get the application form of Atal Pension Yojana.
• 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.

Withdrawal Options of Atal Pension Yojana

Withdrawals from the Canara Bank 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 a 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 Canara APY can only be withdrawn only in event of demise or terminal illness of the subscriber.

Delay Charges Applicable on Canara Bank Atal Pension Yojana

In case of delayed payment, a 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.

• 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.

Conclusion

Canara Bank's support for the Atal Pension Yojana is very important. It offers a clear way for many people to get a regular income when they stop working. This scheme, made easy by Canara Bank, helps individuals live comfortably in their senior years. It shows how banks can help build a stronger, more secure future for everyone in the country.

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