The Canara Bank Atal Pension Yojana (APY) is a government-backed social security scheme designed to provide a fixed pension to individuals working in the unorganised sector. This scheme, administered by the Pension Fund Regulatory and Development Authority (PFRDA), ensures a sustainable income post-retirement. Canara Bank, one of India’s leading public sector banks, is an authorised facilitator of this pension scheme and enables account holders to apply for and manage the APY efficiently.
The Atal Pension Yojana (APY) in Canara Bank is a retirement scheme that allows subscribers to receive a monthly pension between INR 1,000 to INR 5,000, depending on their contribution and age at the time of joining. It targets individuals in the unorganised sector who often lack access to traditional pension systems. Canara Bank customers can register and manage their APY accounts both offline and online with ease.
To enrol in the APY scheme through Canara Bank, the applicant must:
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Applicants need the following documents to open an Atal Pension Yojana scheme account:
The APY registration form can be obtained from any Canara Bank branch or downloaded online from the official Canara Bank website. It includes fields for:
Once filled, the form must be submitted at the branch for processing.
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| Feature | NPS | APY |
| Target Group | Organised & unorganised sector | Primarily unorganised sector |
| Pension Guarantee | Market-linked | Fixed pension guarantee |
| Age Limit | 18 to 70 years | 18 to 40 years |
| Contribution Flexibility | Flexible | Predetermined contribution based on age and pension |
| Tax Benefits | Section 80C and 80CCD(1B) | Section 80CCD(1B) |
| Managing Entity | PFRDA | PFRDA |
The contribution amount depends on the subscriber’s entry age and desired pension. For example:
| Entry Age | Monthly Contribution (for INR 5,000 Pension) |
| 20 Years | INR 229 |
| 30 Years | INR 347 |
| 35 Years | INR 543 |
| 40 Years | INR 1,454 |
Alternatively, SMS alerts are sent monthly after each auto-debit.
The Canara Bank Atal Pension Yojana is an ideal pension solution for workers in the unorganised sector or those looking for a low-risk, fixed-income retirement plan. With minimal documentation, assured monthly income, and government support, the scheme is a robust safety net for future financial independence. Canara Bank’s user-friendly services further simplify the subscription process, enabling individuals to open an APY account either online or offline. Moreover, with the power of auto-debit contributions and the flexibility to choose pension amounts, planning retirement has never been easier. If you are eligible and still haven’t enrolled, consider securing your retirement with the Atal Pension Yojana scheme through Canara Bank today.
Indian citizens aged 18 to 40 years with a Canara Bank savings account are eligible.
Yes, you can apply through Canara Bank’s official net banking portal.
It depends on your age. For example, at age 30, it is approximately. INR 347/month.
Yes, you can choose from INR 1,000 to INR 5,000 fixed monthly pension.
Yes, but only in cases of death or critical illness. Voluntary exits are restricted.
Yes, contributions are eligible for deductions under Section 80CCD(1B).
The spouse can receive the pension, or the nominee receives the accumulated corpus.
Yes, the pension amount can be modified once a year.
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