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How to join Atal Pension Yojana in Punjab National Bank?

Punjab National Bank allows its customers to subscribe to the Atal Pension Yojana, which provides a guaranteed pension. All Indian citizens in the unorganised sector can register for this scheme. One will need to choose a nominee compulsorily.




You can apply for the Atal Pension Yojana Scheme from any branch of Punjab National Bank. The step-by-step procedure to do the same is provided below:

  • At the PNB branch you can avail the Atal Pension Yojana application form.
  • Duly fill the fields in the application form with relevant information.
  • Provide details such as: Name, bank account number and other related details- from where you wish to auto-debit the monthly contributions.
  • Provide copies of relevant KYC documents along with the application form.
  • If you have an Aadhar card, provide your Aadhaar number as well.
  • Once the above steps are completed you can submit the same to the concerned executive who will then confirm your subscription to the Atal Pension Yojana.
  • Once confirmed, the monthly premiums will be automatically deducted periodically from your savings account.

Who can apply for Atal Pension Yojana?

Citizens of India who are not availing benefits from any other social security schemes can subscribe for Atal Pension Yojana through various participating banks, including Punjab National Bank. The subscriber must fall within the age group of at least 18 years to a maximum age limit of 40 years. There is minimal documentation required for application under PNB Atal Pension Yojana scheme. You only have to submit a valid identification proof and age proof along with the application form.

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Atal Pension Yojana Withdrawal Options

On reaching the age of 60 years:




  • Subscribers can exit the scheme at the age of 60 years only.
  • Once the subscriber has exited, the pension will be paid-out on a monthly basis to the scheme holder, depending on his/her contribution.

In case of death of the Scheme holder:

  • In the event of death of a subscriber, the monthly pension will be provided to his/her spouse.
  • In the event of death of both the subscriber as well as his/her spouse, the pension corpus will be returned to the declared nominee.

Exit before attaining 60 years of age:

  • If the subscriber wishes to exit the scheme before attaining 60 years of age, he/she will have to forgo the government’s co-contributed amount as well as the interest accrued on the amount.
  • Otherwise, the PNB Atal Pension Yojana scheme can be closed only in the event of death or terminal illness of the Scheme holder.

Atal Pension Yojana Scheme Delay Charges

A penalty will be levied by Punjab National Bank if there are any late payments. The penalty charged on delayed payments can range from a minimum of Rs. 1 per month to a maximum of Rs. 10 per month. The amount paid a penalty depends on the amount of contribution made. Therefore,




  • For a monthly contribution of up to Rs. 100 per month, the penalty charged is Rs. 1 per month.
  • For a monthly contribution ranging from Rs. 101 to 500 per month, the penalty charged is Rs. 2 per month.
  • For a monthly contribution ranging from Rs. 501 to 1000 per month, the penalty charged is Rs. 5 per month.
  • For a monthly contribution above Rs. 1001, the penalty charged is Rs. 10 per month.

Features of Punjab National Bank Atal Pension Yojana

  • Any Indian Citizen who falls under the unorganized sector, is eligible to join the Atal Pension Yojana.
  • The subscriber will have to make a monthly contribution to Atal Pension Yojana account, and this has to be Auto-debited by PNB from the contributor’s linked savings account.
  • Minimum monthly pension which is guaranteed to the subscriber is a minimum amount of Rs. 1000 and maximum amount of Rs. 5000. This will be given to the scheme holder and/or his/her spouse, after he/she attains 60 years of age. This is assured along with the return of corpus to the declared nominees.
  • It is mandatory to declare a nominee at the time of opening a APY scheme.
  • Government Co-contributes 50% of the amount which is totally contributed by the subscriber or Rs. 1000 annually, whichever is the lowest, for a term of up to 5 years.
  • If the contributor discontinues payments, then:
    • The APY scheme account will be frozen after 6 months of non-payment.
    • The APY scheme account will be deactivated after 12 months of non-payment.
    • The APY scheme account will be closed after 24 months of non-payment.

Key Points to Note:

  • You have to ensure that you maintain a minimum balance in the savings account, in order to enable the deduction of premium every month.
  • You have to provide a valid mobile number in the application form so that all communications related to your subscription will be updated through this primary point of contact.
Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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