Canara Bank Atal Pension Yojana

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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Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

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Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Features of Canara Bank Atal Pension Yojana

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

An individual can open only one Atal Pension Yojana Scheme Account.
It is compulsory to have Canara bank savings account in order to apply for this scheme.
The savings account of subscriber will be linked to Atal Pension Yojana scheme through electronic clearing service (ECS) and the 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 bank account of the individual has enough fund.
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 a mount 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 fixed pension is guaranteed by the government.

Eligibility Criteria 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.

Period of Contribution

The payment of pension starts at the age of 60 years. The minimum period of contribution towards the scheme is 20 years or more.

How to Join Canara Bank Atal Pension Yojana?

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

Visit any branch of Canara 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.

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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 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, 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.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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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.