Guarantor pension amount from Rs.1000/- to Rs.5000/- as per scheme
Check status of contribution online through PRAN (Permanent Retirement Account Number)
Guaranteed monthly pension between Rs. 1000/- to Rs. 5000/- to the subscriber after 60 years of age, which may be continued to spouse after death of the subscriber.
Return of corpus to the nominee after death of both.
Normal interest earned by subscriber at present ranges between 6.50% to 7.37 %
The tax benefits include the additional deduction of up to Rs 50,000 under section 80CCD(1)
Any Indian citizen, in age between 18 to 40 years can join the scheme.
Aadhaar number is mandatory for joining APY.
He/she must have a Saving Bank Account, as per our bank rules.
Valid mobile number mandatory.
No income criteria.
open accounts under the scheme.
This scheme is from Govt. of Gujarat and operated by NSDL.
Open Saving Account with our bank. (if not already existing).
Fill up APY application/registration form
Provide aadhar , mobile number, email ID, KYC requirements.
Bank to issue acknowledgment number/ PRAN to customer against their application.
Deposit the initial contribution.
Applicant need to maintain adequate balance in Saving Account as installment is remitted through auto debit facility. (standing instructions) Standing instructions column is available in Application form itself.
Subscriber will receive SMS confirming activation of PRAN (Permanent Retirement Account Number)
Scheme Duration :
Scheme is eligible from the age of 18 for applicant and has to pay regular installments till the age of 60.
Applicant gets facility of increase or decrease in installments. (Only once in a year and in a month of April)
Installments : Starts from Rs.1000 /- to Rs.5000/-
Penalty for Insufficient Balance : Amount may vary from Rs.10/- per month.
Nomination is mandatory
Maturity : Permitted on completion of 60 years except in case of death.
Applicant can check status of his contribution through PRAN online.
Get annual account statement by NSDL through SMS or Email.
