This article offers a brief summary of the key aspects of the Canara Bank‘s Atal Pension Yojana schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
Canara Bank – Atal Pension Yojana Features:
- The GOI initiative aims to provide social security for the disadvantaged, underprivileged, and unorganized sector workers.
- Contributions vary based on age and desired pension amount.
- Guaranteed monthly pension ranges from Rs. 1000/- to Rs. 5000/-.
- Exit from APY is allowed upon reaching 60 years with 100% annuitization of pension wealth. The subscriber receives the pension on exit.
- If the subscriber passes away, the spouse receives the pension, and upon both their deaths, the nominee receives the pension corpus.
- Early exit before age 60 is only permitted in exceptional circumstances like beneficiary’s death or terminal illness.
- If the subscriber dies, the spouse can continue the account for the remaining vesting period.
- Subscribers of Atal Pension Yojana can avail tax benefits, including an additional deduction of Rs. 50,000 under Section 80CCD (1) of the Income Tax Act.
How to invest?
Click here to invest in the Canara Bank’s Atal Pension Yojana schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.