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  • Indian Overseas Bank Atal Pension Yojana

    Indian Overseas Bank Atal Pension Yojana

    The Government of India is concerned and thoughtful about the income security of the old age people in the country. It is working towards the encouragement and enablement of the working poor to join the NPS or National Pension System. The Atal Pension Yojana provides a definite pension amount which depends on the contribution and the period. The Atal Pension Yojana is for all the people in the unorganised sector, who can join the NPS (National Pension System) which is basically administered by PFRDA (Pension Fund Regulatory and Development Authority). The subscribers under the Indian Overseas Bank Atal Pension Yojana will be receiving a minimum amount of INR 1000, INR 2000, INR 3000, INR 4000, and INR 5000, on or after the age of 60, depending on the contributions.

    Features and Benefits of Indian Overseas Bank Atal Pension Yojana

    • 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.
    • 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.
    • Co contributions can be availed from the Central Government for a period of five years
    • Each subscriber can have only one account

    Eligibility for Indian Overseas Bank Atal Pension Yojana

    • APY or Atal Pension Yojana is a scheme that is open for all the account holders of Indian Overseas Bank. Co contributions of 50 percent of the total contribution or INR 1000, whichever is lesser, is made by the Central Government.
    • 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
    • The minimum age for joining the Atal Pension Yojana is 18 years
    • The maximum age of joining the APY is 40 years
    • The exit age and the beginning of the pension will be at the age of 60 years
    • 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

    Age No. of years Fixed Pension of Rs. 1000 Fixed Pension of Rs. 2000 Fixed Pension of Rs. 3000 Fixed Pension of Rs. 4000 Fixed Pension of Rs. 5000
    18 years 42 years 42 84 126 168 210
    19 years 41 years 46 92 138 183 228
    20 years 40 years 50 100 150 198 248
    21 years 39 years 54 108 162 215 269
    22 years 38 years 59 117 177 234 292
    23 years 37 years 64 127 192 254 318
    24 years 36 years 70 139 208 277 346
    25 years 35 years 76 151 226 301 376
    26 years 34 years 82 164 246 327 409
    27 years 33 years 90 178 268 356 446
    28 years 32 years 97 194 292 388 485
    29 years 31 years 106 212 318 423 529
    30 years 30 years 116 231 347 462 577
    31 years 29 years 126 252 379 504 630
    32 years 28 years 138 276 414 551 689
    33 years 27 years 151 302 453 602 752
    34 years 26 years 165 330 495 659 824
    35 years 25 years 181 362 543 722 902
    36 years 24 years 198 396 594 792 990
    37 years 23 years 218 436 654 870 1,087

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

    Joining Age Years of the contribution Monthly contribution (Indicative) INR Monthly pension for subscribers and spouse INR Return of Corpus to nominee of subscriber (Indicative) INR
    18 42 42 1000 1.7 lacs
    20 40 50 1000 1.7 lacs
    25 35 76 1000 1.7 lacs
    30 30 116 1000 1.7 lacs
    35 25 181 1000 1.7 lacs
    40 20 291 1000 1.7 lacs

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

    Joining Age Years of the contribution Monthly contribution (Indicative) INR Monthly pension for subscribers and spouse INR Return of Corpus to nominee of subscriber (Indicative) INR
    18 42 84 2000 3.4 lacs
    20 40 100 2000 3.4 lacs
    25 35 151 2000 3.4 lacs
    30 30 231 2000 3.4 lacs
    35 25 362 2000 3.4 lacs
    40 20 582 2000 3.4 lacs

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

    Joining Age Years of the contribution Monthly contribution (Indicative) INR Monthly pension for subscribers and spouse INR Return of Corpus to nominee of subscriber (Indicative) INR
    18 42 126 3000 5.1 lacs
    20 40 150 3000 5.1 lacs
    25 35 226 3000 5.1 lacs
    30 30 347 3000 5.1 lacs
    35 25 543 3000 5.1 lacs
    40 20 873 3000 5.1 lacs

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

    Joining Age Years of the contribution Monthly contribution (Indicative) INR Monthly pension for subscribers and spouse INR Return of Corpus to nominee of subscriber (Indicative) INR
    18 42 168 4000 6.8 lacs
    20 40 198 4000 6.8 lacs
    25 35 301 4000 6.8 lacs
    30 30 462 4000 6.8 lacs
    35 25 722 4000 6.8 lacs
    40 20 1164 4000 6.8 lacs

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

    Joining Age Years of the contribution Monthly contribution (Indicative) INR Monthly pension for subscribers and spouse INR Return of Corpus to nominee of subscriber (Indicative) INR
    18 42 210 5000 8.5 lacs
    20 40 248 5000 8.5 lacs
    25 35 376 5000 8.5 lacs
    30 30 577 5000 8.5 lacs
    35 25 902 5000 8.5 lacs
    40 20 1454 5000 8.5 lacs
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