Bank of Maharashtra Atal Pension Yojana

What is the Atal Pension Yojana Bank of Maharashtra?

Under the Atal Pension Yojana, a person receives a fixed monthly pension of ₹1,000 to ₹5,000 at age 60, depending on their contribution and duration. Regulated under the Pension Fund Regulatory and Development Authority (PFRDA), customers can enrol and access the benefits of assured pension returns, thus making them financially secure after retirement.

Characteristics of the Bank of Maharashtra Atal Pension Yojana

The Bank of Maharashtra Atal Pension Yojana offers the following features:

• Guaranteed Pension: Atal Pension Yojana subscribers in the Bank of Maharashtra will have the facility of a fixed pension at the age of 60 from ₹1,000 to ₹5,000, depending on their contributions and the age at enrollment.

• Government Co-Contribution: Eligible Atal Pension Yojana subscribers receive a 50% government contribution, capped at ₹1,000 annually for five years. This benefit is limited to non-taxpayers and individuals not part of any statutory social security schemes.

• Tax Benefits: Contributions made under the APY are tax-deductible under Section 80 CCD(1B) of the Income Tax Act. An income tax calculator to calculate one's tax savings.

• Nomination Facility: Subscribers can nominate a beneficiary with whom the corpus will get transferred in case of unfortunate death, ensuring that this corpus is not lost.

How to Apply for Bank of Maharashtra Atal Pension Yojana

Applying for the Atal Pension Yojana through the Bank of Maharashtra is simple. Using the following steps, anyone can easily apply for the scheme: 

1. For Online Application:

   To apply for the Atal Pension Yojana with Bank of Maharashtra online, follow these steps:

   • Visit the Official Website: Access the official website of the Bank of Maharashtra.

   • Log In: Fill in your Internet banking credentials to log in.

   • Download the Form: Download a PDF of the Atal Pension Yojana form.

   • Complete the Form: Fill the form with the following details:

     • Bank account information

     • Contact number

     • Aadhaar details

     • Nominee details

     • Pension scheme amount (options range from ₹1,000 to ₹5,000).

   • Submit the Form: Upload the filled form online using Internet banking, or enroll your bank account with the APY for seamless monthly deductions.

2. For Offline Application:

   To apply for the Atal Pension Yojana with Bank of Maharashtra offline, follow these steps:

   • Visit the Nearest Branch: Visit your nearest Bank of Maharashtra branch.

   • Collect and Complete the Form: Get the APY form, provide the necessary details, and attach copies of your Aadhaar card and other required documents.

   • Submit the Form: Submit the form along with the documents and receive an acknowledgment once the submission is processed.

Eligibility Criteria of Bank of Maharashtra Atal Pension Yojana

To enrol in the Bank of Maharashtra Atal Pension Yojana, applicants must meet the following eligibility criteria:

• Age: Applicants must be between 18 and 40 to be eligible for the scheme.

• Citizenship: Only Indian citizens can apply. Non-residents, foreign nationals, or individuals from other countries are not eligible.

• Bank Account: A savings account with the Bank of Maharashtra is required to enrol in the scheme.

• Tax Status: The scheme is intended for individuals who are not taxpayers and are not already covered under any statutory social security scheme.

You can also use an APY calculator to determine how varying monthly contributions will impact your future pension benefits.

Documents Required to Apply for the Scheme

The necessary documents required to apply for the Bank of Maharashtra APY scheme are: 

• Identity Proof (Aadhaar card) 

• Address Proof (Voter card, Aadhar Card etc.) 

• Documents to prove your date of birth (SSLC certificate) 

• Bank Account Details

• Passport-sized photograph

Atal Pension Yojana Bank of Maharashtra Login

Once your Atal Pension Yojana (APY) account is created with the Bank of Maharashtra, you can easily manage it through its Internet banking portal. This platform allows you to:

• Monitor your contributions

• Update your personal information

• Check the status of your pension plans

This feature ensures you can stay informed about your pension and keep everything on track.

Atal Pension Yojana Benefits Bank of Maharashtra

The Bank of Maharashtra Atal Pension Yojana has several key benefits to offer:

• Financial Security: This provides a guaranteed monthly pension after age 60, thereby giving an individual a steady source of income.

• Contribution Flexibility: Eligible citizens between 18 and 40 years are allowed to contribute to the scheme.

• Tax Advantages: Benefit from tax deductions under Section 80CCD, saving you more on your contributions.

• Easy Enrollment: Simple application process through Indian Bank's online and offline channels.

• Nominee Protection: Protects your family financially in the unfortunate event of your premature death.

Withdrawal Options of Atal Pension Yojana

The Atal Pension Yojana offers flexible withdrawal options for its subscribers. Subscribers will begin receiving their assured monthly pension upon reaching the age of 60. If a subscriber passes away before age 60, the accumulated corpus is returned to the nominee. In the case of voluntary exit before 60, the subscriber can withdraw their contributions along with any accrued income; however, the government’s co-contribution will not be refunded.

Conclusion

The Atal Pension Yojana (APY) is a robust retirement scheme administered by the Bank of Maharashtra, designed to provide financial security for the unorganised sector. The scheme offers monthly pensions along with tax benefits. With its simple enrollment process and long-term advantages, the APY stands out as one of the best retirement plans in India, ensuring a stable income and peace of mind after retirement