Atal Pension Yojana Scheme SBI: A Pension Plan for Everyone

Bikash
By Bikash

Secure Your Old Age with Atal Pension Yojana Scheme SBI

The Indian government introduced the Atal Pension Yojana pension program in 2015. The program bears Atal Bihari Vajpayee’s name, a former Indian prime minister. The Pension Fund Regulatory and Development Authority (PFRDA) is in charge of running the program. The program’s goal is to offer defined pensions to Indian people who are not currently protected by any pension plans, particularly those who work in the unorganized sector. Check Atal Pension Yojana Scheme SBI Bank.

One of the authorized banks to provide Atal Pension Yojana to its clients is SBI (State Bank of India). All bank account holders between the ages of 18 and 40 are eligible to participate in the SBI Atal Pension Yojana Scheme. A fixed income of between Rs. 1,000 and Rs. 5,000 per month is offered by the SBI’s Atal Income Yojana Scheme, based on the number of contributions made and the age at which the Atal Pension Yojana Scheme SBI was initiated.

What is Atal Pension Yojana (APY)?

A retirement benefits scheme for workers in the unorganized sector, such as maids, drivers, gardeners, etc., is called the Atal Pension Yojana (APY). After participants turn 60, the program aims to give them a fixed pension of between Rs. 1,000 and Rs. 5,000 per month. The subscriber’s contribution as well as the number of years of contributions determine the pension’s amount.

Scheme NameAtal Pension Yojana (APY)
EligibilityIndian citizens between 18 to 40 years of age
Pension AmountRanges from Rs. 1000 to Rs. 5000 per month, depending on contribution and age of entry
Contribution PeriodMinimum of 20 years
Mode of ContributionThe spouse can continue contributions or receive entire accumulated corpus under APY in case of subscriber’s death before 60 years
Investment of ContributionsAs per investment guidelines prescribed by PFRDA, managed by SBI Pension Fund Pvt. Ltd, LIC Pension Fund Ltd, UTI Retirement Solution Ltd
Voluntary ExitPermitted, but only contributions made by the subscriber and actual accrued income earned on them (after account maintenance charges) will be refunded
Death BenefitThe spouse can continue contributions or receive the entire accumulated corpus under APY in case of the subscriber’s death before 60 years

What are the benefits Atal Pension Yojana Scheme SBI?

The Atal Pension Yojana benefits provide its subscribers with a number of advantages, such as:

Minimum Contribution: Contributions are reasonably priced, and members get a set income under the Atal Income Yojana Scheme SBI. The amount of the monthly payments is determined by the subscriber’s age and the desired pension amount.

Guaranteed Pension: The Atal Pension Yojana Scheme SBI provides members with a guaranteed pension after they reach the age of 60, making it a desirable choice for individuals searching for a solid pension plan.


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Tax advantages: Section 80CCD of the Income Tax Act of 1961 allows for tax advantages on contributions made to the plan.

Simple Application Process: Subscribers may easily apply for the Atal Pension Yojana Scheme SBI online or offline.

Who is Eligible for Atal Pension Yojana (APY)?

The Atal Pension Yojana (APY) is open to all Indian citizens between the ages of 18 and 40. The subscriber must have a savings bank account as well as an active cellphone number in order to be eligible for the program. Additionally, the subscriber must be prepared to make payments into the plan until they are 60 years old.

How does Atal Pension Yojana (APY) work?

The Atal Pension Yojana Scheme SBI is a defined contribution pension plan, which implies that the subscriber’s contribution determines how much pension they would receive. Up to the time they age 60, the subscriber must make contributions to the plan. The contribution amount is determined by the Atal Pension Yojana Scheme SBI subscriber’s age and the quantity of pension they desire.

The contribution to the plan may be made every month, every quarter, or every half-year. Depending on the subscriber’s age and the amount of pension they desire to receive, the monthly contribution might range from Rs. 42 to Rs. 1,454.

The number of years of contributions and the amount of contributions made by the subscriber determine how much of a pension they will get after they reach the age of 60. The pension amount the subscriber selects each month might range from Rs. 1,000 to Rs. 5,000.

Atal Pension Yojana Chart

Mode of contribution to the Atal Pension Yojana Scheme SBI

The Atal Pension Yojana Scheme SBI account may be funded at intervals of monthly, quarterly, or semi-annually. The subscriber’s savings bank account can be used for an auto-debit feature to make donations. This guarantees a simple and regular payment to the plan, assuring the subscriber’s financial security in the future.

How the APY Contributions are Invested for Best Return?

The Atal Pension Yojana Scheme SBI payments are invested in conformity with the PFRDA’s investment standards, which are established for a number of schemes, including the Central Government, State Government, NPS-Lite, Swavalamban Scheme, and APY.

Three organizations—SBI Pension Fund Pvt. Ltd., LIC Pension Fund Ltd., and UTI Retirement Solution Ltd.—then administer these contributions. The investments made through APY are designed to produce acceptable returns while having a low-risk profile, providing users with a secure financial future.

How to apply for Atal Pension Yojana Scheme SBI Online?

Follow the instructions below to apply for the Atal Pension Yojana Scheme SBI:

Check out the SBI website: Look for the Atal Pension Yojana scheme page on the State Bank of India’s official website.

Click on “Apply Now”: Following your discovery of the page, click the “Apply Now” button to begin the Atal Pension Yojana Online Apply process.

Fill in the application form: You’ll be sent to the application form page, where you must enter your personal information, bank account information, and nominee information.

Select the pension amount: Additionally, you must decide how much in the range of Rs. 1,000 and Rs. 5,000 you want to receive in pension each month.

Choose your donation frequency: Depending on your preferences, you can choose to contribute monthly, quarterly, or half-yearly.

Submit the application form: After entering all the necessary information, click the “Submit” button to finish the application process.

Download the acknowledgment receipt: When you have finished submitting the application form, you can download the acknowledgment receipt for your records.

Offline Atal Pension Yojana Scheme SBI Application Process

Interested parties can visit their local SBI branch to enquire about the Atal Pension Yojana details and complete the required paperwork to sign up for the Atal Pension Yojana plan there. Individuals are required to make consistent payments up until the age of 60, at which point they are qualified to receive the set pension amount.

How do Subscribers get Voluntary exits before the age of 60 years?

The Atal Pension Yojana Scheme SBI allows subscribers to voluntarily leave the program before turning 60. However, in these circumstances, the subscriber will only receive a refund for the contributions they made and the net actual accrued income they earned on those contributions (after deducting account maintenance fees).

The APY subscriber will not receive their government co-contribution or accumulated interest back. Although voluntary withdrawal is allowed, it is advised that subscribers keep their accounts open until they are 60 years old in order to take advantage of the guaranteed pension benefits provided by the Government of India.

What will get in case of Subscriber death before 60 years?

The APY subscriber’s spouse will have the option to carry on making deposits into the APY account in their name until the original subscriber becomes 60 if they die away before that age. Until their own death, the spouse will get the same pension as the subscriber. Alternatively, the subscriber’s spouse or nominee will receive the entire accumulated corpus under APY.

How to check Atal Pension Yojana Statement?

To check your Atal Pension Yojana statement, you can follow these steps:

  • Visit the official website of Atal Pension Yojana (https://www.npscra.nsdl.co.in/).
  • Click on the “APY e-PRAN/Transaction Statement View” tab.
  • Enter your PRAN (Permanent Retirement Account Number) and bank account details.
  • Select the relevant financial year for which you want to view the statement.
  • Enter the captcha code and click on “View Statement”.
  • Your Atal Pension Yojana statement for the selected financial year will be displayed on the screen.
  • You can download and take a printout of the statement for future reference.

As an alternative, you can use your online banking account or go to your local bank office and ask for your Atal Pension Yojana statement.

Conclusion

Workers in the unorganized sector who are searching for a cost-effective and dependable pension plan should strongly consider the Atal Pension Yojana Scheme SBI. The plan gives its members a number of advantages, including a guaranteed pension, tax advantages, and a simple registration process. Consider registering for the SBI-offered Atal Pension Yojana Scheme if you are qualified for the program and wish to ensure your financial security after retirement. If you have any other Private Bank Account like HDFC, then you can apply to Atal Pension Yojana Scheme HDFC bank also.

FAQs

What is Atal Pension Yojana (APY)?

APY is a pension scheme launched by the Government of India in 2015, aimed at providing a defined pension to the citizens of India, especially those in the unorganized sector.

Who is eligible for the Atal Pension Yojana scheme through SBI?

All bank account holders between the ages of 18 and 40 years are eligible to enroll in the scheme through SBI.

What is the fixed pension amount under the Atal Pension Yojana scheme?

The fixed pension amount under the scheme ranges from Rs. 1,000 to Rs. 5,000 per month, depending on the contribution made and the age at which the scheme was started.

How can I enroll in the Atal Pension Yojana scheme through SBI?

Interested individuals can visit their nearest SBI branch and fill out the necessary forms to enroll in the scheme.

What is the contribution period under the Atal Pension Yojana scheme?

The contribution period under the scheme is until the age of 60 years, after which individuals become eligible to receive the fixed pension amount.

Is there any penalty for delayed payments under the scheme?

Yes, a penalty will be levied for delayed payments, ranging from Rs. 1 to Rs. 10 per month, depending on the contribution amount.

Can I switch between pension amounts under the scheme?

No, individuals cannot switch between pension amounts under the scheme once they have enrolled.

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By Bikash
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Hello! I'm Bikash, a skilled Web Developer and Blogger with more than 5 years of experience in the digital marketing fields. My passion is Share my Own Experience by Blogging and creating unique, approachable websites that create a lasting impact. My love of both technology and creativity encourages me to keep up with the most recent developments and industry best practices.
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