The people working in the unorganized sector in India lead a very difficult life. Their monthly income is very low and so they often find it hard to sustain their livelihood. Therefore, they cannot make an effort to save money and plan for their life after retirement. In fact, many of the workers in these sector have to face extreme poverty once they retire as they cannot earn any income and are unable to take care of their expenses. In order to make sure that workers in the unorganized sector can lead a dignified life, the Government of India launched the Atal Pension Yojana in Feb, 2015.
Overview of UCO Bank Atal Pension Yojana
Like other reputed public and private sectors banks in the country, UCO Bank is also offering customers with the opportunity to subscribe to the Atal Pension Yojana. This UCO Bank Atal Pension Yojana is a central pension scheme that aims to empower the workers of the unorganized sector and is available to all Indian citizens in the age group of 18 – 40 years. You can download PDF version of the Atal Pension Yojanaregistration form from the official website of UCO Bank in order to subscribe to this pension scheme.
Key Features of UCO Bank Atal Pension Scheme
- This central government scheme will offer the subscribers with guaranteed pension.
- The subscribers can make contributions starting from the age of 18 and till the age of 40.
- The money contributed will be invested by the bank as per the norms set by the Ministry of Finance, of the Government of India.
- The monthly pension amount offered will range from INR 1,000 – INR 5,000.
- Each subscriber can open only 1 account under this scheme.
- Uco bank Atal Pension Yojana scheme is open to all Indian citizens but is mostly aimed at people working in the unorganized sector.
Co-contribution from the Government of India
Those subscribers, who are not income tax payers and are not covered by any other central or state social security scheme, will receive co-contribution from the Government of India. The government will co-contribute INR 1,000 per year or 50 percent of the amount contributed by the subscriber, whichever is lower, for a period of 5 years.
Here is a table depicting the amount that the subscribers will be required to contribute to earn pension of INR 1,000 to INR 5,000 every month.
|Age at which you start contributing||Number of years that you contribute||Pension of INR 1,000 per month||Pension of INR 2,000 per month||Pension of INR 3,000 per month||Pension of INR 4,000 per month||Pension of INR 5,000 per month|
|18 years||42 years||INR 42||INR 84||INR 126||INR 168||INR 210|
|19 years||41 years||INR 46||INR 92||INR 138||INR 183||INR 228|
|20 years||40 years||INR 50||INR 100||INR 150||INR 198||INR 248|
|21 years||39 years||INR 54||INR 108||INR 162||INR 215||INR 269|
|22 years||38 years||INR 59||INR 117||INR 177||INR 234||INR 292|
|23 years||37 years||INR 64||INR 127||INR 192||INR 254||INR 318|
|24 years||36 years||INR 70||INR 139||INR 208||INR 277||INR 346|
|25 years||35 years||INR 76||INR 151||INR 226||INR 301||INR 376|
|26 years||34 years||INR 82||INR 164||INR 246||INR 327||INR 409|
|27 years||33 years||INR 90||INR 178||INR 268||INR 356||INR 446|
|28 years||32 years||INR 97||INR 194||INR 292||INR 388||INR 485|
|29 years||31 years||INR 106||INR 212||INR 318||INR 423||INR 529|
|30 years||30 years||INR 116||INR 231||INR 347||INR 462||INR 577|
|31 years||29 years||INR 126||INR 252||INR 379||INR 504||INR 630|
|32 years||28 years||INR 138||INR 276||INR 414||INR 551||INR 689|
|33 years||27 years||INR 151||INR 302||INR 453||INR 602||INR 752|
|34 years||26 years||INR 165||INR 330||INR 495||INR 659||INR 824|
|35 years||25 years||INR 181||INR 362||INR 543||INR 722||INR 902|
|36 years||24 years||INR 198||INR 396||INR 594||INR 792||INR 990|
|37 years||23 years||INR 218||INR 436||INR 654||INR 870||INR 1,087|
|38 years||22 years||INR 240||INR 480||INR 720||INR 957||INR 1,196|
|39 years||21 years||INR 264||INR 528||INR 792||INR 1,054||INR 1,318|
|40 years||20 years||INR 291||INR 582||INR 873||INR 1,164||INR 1,454|
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