Union Bank Atal Pension Yojana

The Union Bank Atal Pension Yojana is a scheme that focuses upon the unorganized sector citizens. The Union Bank Atal Pension Yojana is directed by the Pension Fund Regulatory and Development Authority.

Key Highlights of Union Bank Atal Pension Yojana

The following are some of the key highlights of Union Bank Atal Pension Yojana:

• All the account holders of the Union Bank can easily join the Atal Pension Yojana scheme.

• The benefit of the Union Bank Atal Pension Yojana minimum pension will be guaranteed by the Indian government.

• Within the Atal Pension Yojana, the guaranteed monthly minimum pension for subscribers ranges between Rs 1000 and Rs 5000 each month.

• The Indian government also co-contributes 50 per cent of the APY subscriber's contribution or Rs 1000 each year, whatever is low. The co-contribution of the government is accessible for anyone who is not covered by Statutory Social Security Schemes and does not pay income taxes.

• The Indian government will co-contribute to every entitled subscriber for a term of 5-years who have joined this scheme between 2015, June 01 to 2015, December 31. The advantage of 5-years of the governments’ co-contribution within the Atal Pension Yojana will not exceed 5-years for the subscribers including the Swavalamban beneficiaries migrated.

Eligibility Criteria of Union Bank Atal Pension Yojana

The following criteria need to be fulfilled to avail the benefit from the Union Bank Atal Pension Yojana scheme:

• The Union Bank Atal Pension Yojana scheme applies to all citizens aged between 18 years and 40 years.

• The aadhar card is the key KYC. For the ease of operation of the Union Bank Atal Pension Yojana scheme, it is recommended to obtain the aadhar and mobile number from the subscribers. In case it is not available during registration the details of the aadhar can be submitted at a later stage as well.

How to Exit from the Union Bank Atal Pension Yojana Scheme?

Upon attaining the age of 60 years, the exit from the Union Bank Atal Pension Yojana is allowed with 100 per cent annuitization of the pension wealth. Upon the exit, the pension will be made available to a subscriber.

In case of demise of the subscriber because of any reason, the pension will be made available to the spouse and in case both the subscriber and spouse passes away, the pension corpus then would be returned to the nominee.

In case an individual exits before 60 years of age, then it is not permitted. Only under exceptional circumstances such as the demise of the beneficiary or any terminal ailment an exit from the Union Bank Atal Pension Yojana.

Union Bank Atal Pension Yojana Charges for Default

The banks are expected to collect additional sum for any delayed payments, such as the amount will differ from a minimum of Rs 1 each month to Rs 10 as described below:

• Rs 1 each month for the contribution up to Rs 100 each month.

• Rs 2 each month for the contribution up to Rs 101 to Rs 500 each month.

• Rs 5 each month for the contribution up to Rs 501 to Rs 1000 each month.

• Rs 10 each month for the contribution up to Rs 1001 each month.

The fixed sum of penalty/ interest will remain as part of the subscriber pension corpus.

Union Bank Atal Pension Yojana Monthly Contribution Chart

Important Information For Union Bank Atal Pension Yojana Subscriber

In the case where the payments of contribution sum have been discontinued it will lead to the following:

• The account will be frozen after 06 months.

• The account will be deactivated after 12 months.

The subscriber needs to ensure that the Union Bank account has enough funds for the auto-debit contribution amount.