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  • Andhra Bank Atal Pension Yojana

    Andhra Bank Atal Pension Yojana Overview

    Andhra Bank offers the Atal Pension Yojana pension scheme to the economically weaker section of the Indian society. Through this scheme the Government aims to provide a monthly income to this section after the retirement age of 60. The Atal Pension Yojana(AVP) scheme is administered by the PFRDA and offers a fixed pension amount monthly. Customers can subscribe to this pension scheme by visiting any of the Andhra Bank branches at any city. The Atal Pension Yojana guarantees a fixed pension ranging from Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, and Rs. 5,000 per month, depending on the contribution done by the subscriber.

    Benefits of Andhra Bank Atal Pension Yojana

    • A fixed pension amount is guaranteed through this Andhra Bank Atal Pension Yojana scheme to subscribers and their spouses ranging from Rs. 1000 to Rs. 5000.
    • The pensioner will get the fixed amount till his death and then the amount will be paid to his spouse. After the demise of both the spouses, the amount will be directed to the nominee.

    Contribution Amount

    For example, if a subscriber joins at the age of 18, the contribution required will be Rs. 42, monthly to receive a pension of Rs. 1000. The contribution amount will differ according to the time period as to when the subscriber joins the scheme. Customers can pay the monthly amount by using the auto-debit facility through the Andhra bank account. If a subscriber fails to pay the monthly amount, then he can rejoin the Atal Pension Yojana scheme by paying the pending principal amount and the interest rate for that specific time period.

    Government of India’s co-contribution

    The Government of India will also contribute to the pension scheme for a period of five years (2015 - 2020), to APY subscriber accounts that have been created between June 1, 2015 and December 31, 2015. These subscribers should not be income tax payers and should not be covered under any Statutory Social Security Schemes. The Government’s contribution is either 50% of the subscriber’s contribution amount or Rs. 1000 for five years. The APY subscriber is required to make regular monthly contributions during the course of the entire year and then the Government will credit 50% of the contribution paid to the subscriber’s account.

    Eligibility for Atal Pension Yojana

    • Indian citizens between the age of 18 and 40 years, holding an Andhra Bank account are eligible to subscribe to the Atal Pension Yojana scheme.
    • The primary KYC document required for the account is the Aadhar Card. Other documents like PAN Card, Driving License, Passport and Election Card will also be accepted.
    • The applicant should mandatorily carry a mobile number to be furnished to Andhra Bank while registration.

    Documentation reqired for Atal-Pension

    Applicants should submit a single form containing the a href="/saving-schemes/atal-pension-yojana-form.html">Atal Pension Yojana form, self-declaration and an authorisation for the monthly auto-debit.

    Features of Andhra Bank Atal Pension Yojana

    • Subscribers who are currently under the NPS Swavalamban Scheme, aged between 18 and 40 years would be automatically migrated to the Atal Pension Yojana scheme.
    • An APY subscriber cannot choose the type of investment pattern, when he opens an Atal Pension Yojana account. This is regulated by Pension Funds appointed by PFRDA in a pattern stipulated by the Government.
    • Once the subscriber completes 60 years, he can submit an application to Andhra Bank to draw the fixed monthly pension. This Andhra Bank Atal Pension Yojana scheme does not permit an exit before 60 years, except in the event of death or disease.
    • If a subscriber discontinues the monthly payments for a period of 6 months, then the Atal Pension Yojana account will be frozen by NSDL. If payments are not done for a period of 12 months or more, then the APY account will be closed.
    • If a monthly payment is delayed by the subscriber then Andhra Bank will impose a penalty depending on the contribution amount. The table below explains the penalty amount that will be imposed.
    Contribution Amount (monthly) Penalty (monthly)
    INR 100 INR 1
    INR 101 to INR 500 INR 2
    INR 501 to INR 1000 INR 5
    Above INR 1001 INR 10

    Atal Pension Yojana Contribution Chart

    Age of the subscriber Number of years Pension Amount of Rs. 1000 Pension Amount of Rs. 2000 Pension Amount of Rs. 3000 Pension Amount of Rs.4000 Pension Amount of Rs. 5000
    18 years 42 years 42 84 126 168 210
    19 years 41 years 46 92 138 183 228
    20 years 40 years 50 100 150 198 248
    21 years 39 years 54 108 162 215 269
    22 years 38 years 59 117 177 234 292
    23 years 37 years 64 127 192 254 318
    24 years 36 years 70 139 208 277 346
    25 years 35 years 76 151 226 301 376
    26 years 34 years 82 164 246 327 409
    27 years 33 years 90 178 268 356 446
    28 years 32 years 97 194 292 388 485
    29 years 31 years 106 212 318 423 529
    30 years 30 years 116 231 347 462 577
    31 years 29 years 126 252 379 504 630
    32 years 28 years 138 276 414 551 689
    33 years 27 years 151 302 453 602 752
    34 years 26 years 165 330 495 659 824
    35 years 25 years 181 362 543 722 902
    36 years 24 years 198 396 594 792 990
    37 years 23 years 218 436 654 870 1,087

    FAQs for Andhra Bank Atal Pension Yojana

    1. What is the process to be followed by a subscriber to open an Atal Pension Yojana account?
    2. a) Andhra Bank customers with a bank account are required to fill in the Atal Pension Yojana registration form.

      b) Subscribers have to register their mobile numbers and have to also provide their Aadhaar card details.

      c) The required balance has to be kept in the Andhra Bank account for making the monthly pension contributions.

    3. How many Atal Pension Yojana accounts are subscribers permitted to open?
    4. Subscribers can open only one Atal Pension Yojana account.

    5. Is it mandatory for the Aadhaar card to be submitted when an application is being made to the APY scheme?
    6. The Aadhaar number may not be required while opening the Andhra Bank Atal Pension Yojana account, but will be the primary KYC document asked by the bank, while enrollment of beneficiaries or identification of family members and nominees are done.

    7. How can Atal Pension Yojana subscribers get an update of the status of their monthly contributions?
    8. Customers can get the status of their monthly contributions through SMS alerts delivered to their registered mobile numbers and can also receive a physical APY pension account statement.

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