Kerala Gramin Bank Pension

I want to get the details of Atal Pension Yojana (APY) offered by Kerala Gramin Bank so can you please provide me?

[Shaleen]

Kerala Gramin Bank is India’s largest Regional Rural Bank (RRB). Its headquartered is located at Malappuram in Kerala, India. The bank is jointly owned by Central and State Governments & sponsored by Canara Bank.

Atal Pension Yojana (APY)

Atal Pension Yojana (APY) is a pension scheme for citizens of India focused on the unorganized sector workers.

Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

A Pension provides people with a monthly income when they are no longer earning.

Need for Pension:

Decreased income earning potential with age

The rise of nuclear family-Migration of earning members

Rise in cost of living

Increased longevity

Assured monthly income ensures dignified life in old age.

Any Citizen of India can join APY scheme.

The following are the eligibility criteria,

The age of the subscriber should be between 18 - 40 years.

Candidate should have a savings bank account/ open a savings bank account.

Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015