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.
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 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
- What is the process to be followed by a subscriber to open an Atal Pension Yojana account?
- How many Atal Pension Yojana accounts are subscribers permitted to open?
- Is it mandatory for the Aadhaar card to be submitted when an application is being made to the APY scheme?
- How can Atal Pension Yojana subscribers get an update of the status of their monthly contributions?
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.
Subscribers can open only one Atal Pension Yojana account.
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.
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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