It is essential to enjoy every moment of life but it is just as necessary to plan out the future so that every moment of the future can be enjoyed as well. Spending habits today among youngsters have changed and most do not worry about their future financial security and this needs to be changed. Pension plans are one of the best options available to ensure a secure financial future in the golden years of a person’s life. Pension plans ensure that the person receives a certain amount every month. There are many options available today and some are even provided by the Government of India such as the Atal Pension Yojna.
Effective from 1 June 2015, the Atal Pension Yojana is targeted towards providing a secure future for all Indian citizens. This scheme is to ensure that employees of the unorganized and rural sector come under the scope of pension plans. This pension scheme can be procured by citizens between the ages of 18 and 40 and the pension amount will be received after the citizen attains the age of 60. The amount received as pension varies between Rs. 1000- Rs. 5000 and this scheme is backed by the Pension Fund Regulatory and Development Authority (PFRDA) through the NPS architecture. The pension amount is based on the amount contributed by the individual over a period of time. Atal Pension Yojana is offered by Bank of Maharashtra at all its branches and can be availed by filling the required form and providing the mentioned KYC documents.
Benefits and Features of Bank of Maharashtra Atal Pension Yojana Scheme
- An individual who joins BOM Atal Pension Yojana scheme will receive a guaranteed amount each month after he/she reaches the age of 60 and this scheme is mainly for those working in unorganized sectors.
- Individuals holding an account with the Bank of Maharashtra are eligible to receive the pension.
- Each subscriber can open only one account under this scheme.
- Citizens above the age of 18 and below the age of 40 can contribute towards this scheme and the minimum contribution period is 20 years.
- Government co-contribution of 50% of the individual’s contribution or Rs. 1000 per year is provided for those who do not come under any Statutory Social Security Scheme or are not income taxpayers.
- Those joining this scheme between 1 June 2015 and 31 December 2015 will receive a co-contribution from the Government of India for a period of 5 years.
- Once the individual reaches the age of 60, he/she can submit a request to the Bank of Maharashtra to exit the scheme and start receiving the pension. However, exiting the scheme before the subscriber reaches the age of 60 is permitted only in exceptional circumstance such as terminal illness or death.
- Bank of Maharashtra also charges a fee for delayed payments which varies between Re. 1 to Rs. 10 per month as illustrated in the table below -
- The pension amount will be auto debited from the subscriber’s Bank of Maharashtra account hence it is important for subscribers to keep a certain amount in the account every month. If payments are discontinued, account will either be frozen, deactivated or closed.
|Amount being contributed (per month)||Penalty (per month)|
|Upto Rs. 100||Re. 1|
|Rs. 101 - Rs. 500||Rs. 2|
|Rs. 501 - Rs. 1000||Rs. 5|
Bank of Maharashtra Atal Pension Yojana Eligibility
- All citizens between the ages of 18-40 are eligible to subscribe to the Atal Pension Yojana scheme.
- Individuals are also required to hold a savings account with the Bank of Maharashtra from which the contribution amount will be deducted each month.
- Individuals are also required to provide their Aadhaar card details and their mobile number while applying for this scheme.
Atal Pension Yojana Contribution Chart
|Age at which the individual subscribes to the scheme||Number of years the subscriber will have to contribute for||Pension amount of INR 1000 per month||Pension amount of INR 2000 per month||Pension amount of INR 3000 per month||Pension amount of INR 4000 per month||Pension amount of INR 5000 per month|
Frequently Asked Questions (FAQs) on Bank of Maharashtra Atal Pension Yojana
How can an individual open an Atal Pension Yojana Account with the Bank of Maharashtra?
- Individuals who want to subscribe to the scheme need to open a savings account with the Bank of Maharashtra and fill out the Atal Pension Yojana registration form.
- Necessary details such as Aadhaar card number and mobile number need to be furnished.
- Individuals are also required to ensure that the required amount is available in their account as the contribution amount is debited each month directly from their account.
What is the due date for the contribution each month?
The due date for the contribution amount is based on the initial date when the contribution amount was deposited to the Atal Pension Yojana account.
In case of discontinuation of payments what happens to the bank account?
In case payment of the contribution amount is discontinued -
- after 6 months of discontinued payments, the account will be frozen
- post 12 months of discontinued payments, the account will be deactivated
- after 24 months, the account will be closed
Is it mandatory for the individual to provide a nominee while joining the Atal Pension Yojana scheme?
Yes, it is necessary for the subscriber to provide a nominee while joining the Atal Pension Yojana scheme.
How many Atal Pension Yojana accounts can a subscriber open?
A subscriber can open only on Atal Pension Yojana account.
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