Indian Overseas Bank Atal Pension Yojana

Features and Benefits of Indian Overseas Bank Atal Pension Yojana

1. The pension amount is fixed for all the subscribers that range between INR 1000 and INR 5000, if the subscriber joins and starts contributing between the ages of 18 to 40 years.
2. The level of the contribution may vary. It is lower when the subscriber joins at an early age. However, the contributions will be higher if the subscriber joins late.
3. Co contributions can be availed from the Central Government for a period of five years
4. Each subscriber can have only one account

Eligibility for Indian Overseas Bank Atal Pension Yojana

1. APY or Atal Pension Yojana is a scheme that is open for all the account holders of Indian Overseas Bank. Co contributions of 50 % of the total contribution or INR 1000, whichever is lesser, is made by the Central Government.
2. The co contributions can be received for a period of five years. After that, the Indian Overseas Bank Atal Pension Yojana scheme will only continue but no co contributions can be availed from the Government
3. The minimum age for joining the Atal Pension Yojana is 18 years
4. The maximum age of joining the APY is 40 years
5. The exit age and the beginning of the pension will be at the age of 60 years
6. The subscriber can contribute for a period of 20 years or more than that in the Indian Overseas Bank APY

Subscriber Payment and Enrolment

All the account holders of the Indian Overseas bank can join the Atal Pension Yojana if they wish to with a facility of automatic debit from their accounts. This would basically reduce the collection charges for the contributions.

All the subscribers must ensure that the required amount for the contribution is present in their bank account from which it would be deducted.

The monthly contribution due dates will be given to the subscriber once the first contribution is made. The co contributions made by the Government of India shall also be fortified if the monthly contributions are not made in time.

This will lead to the account's foreclosure. The Aadhaar card is one of the most important documents that is required for the identification purpose of the spouse, nominees and beneficiaries. This is done so that, in the long run, there are no disputes regarding entitlement and pension rights.

Chart for Atal Pension Yojana Contribution

Table for levels of contribution with a fixed monthly pension of INR 1000 for the subscriber and the spouse of the subscriber.

Table for levels of contribution with a fixed monthly pension of INR 2000 for the subscriber and the spouse of the subscriber

Table for levels of contribution with a fixed monthly pension of INR 3000 for the subscriber and the spouse of the subscriber

Table for levels of contribution with a fixed monthly pension of INR 4000 for the subscriber and the spouse of the subscriber

Table for levels of contribution with a fixed monthly pension of INR 5000 for the subscriber and the spouse of the subscriber