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  • Atal Pension Yojana ICICI Bank

    There are various pension schemes administered by banks and insurance companies in India which offer an array of general and market linked pension schemes in urban and semi urban areas. On the flipside, the pension services for poor and unorganized sector largely remains disoriented. In line with the Government of India’s efforts to provide social security schemes for financial inclusion, it launched the Atal Pension Yojana, an ambitious scheme to provide pension services to citizens over the age of 60 years. This scheme is exclusively designed to address the pension needs of workers employed in the unorganized sectors of the society to help them live a respectable life after retirement age.

    As a leading commercial bank in the country that stretches its network across the length and breadth of India, ICICI Bank is registered with the Pension Fund Regulatory and Development Authority (PFRDA) to provide APY services to customers.

    Overview of ICICI Atal Pension Yojana

    This is a two way contribution scheme where the enrollee and the government pool monies into the corpus that can be availed as a monthly pension after the age of 60 by the subscriber. Depending on the pensioner’s willingness, the APY can be opted for a fixed pension per month in denominations of Rs.1,000, 2,000, 3,000, 4,000 and 5,000. The main determinants of the final pension amount are the age of the pensioner and the amount contributed. To fulfill the objectives of the Pradhan Mantri Jan Dhan Yojana(PMJDY), the government will pool 50 percent of the user’s contribution or Rs.1,000(Whichever is Lower) for a period of 5 years into the scheme.

    By registering for Atal Pension Yojana with ICICI bank, you can make monthly contributions to the fund and also avail pension through your bank account with ICICI after retirement.

    Features and Benefits of ICICI Atal Pension Yojana

    • ICICI Atal Pension Yojana scheme can be availed by all Indians between the age group of 18 to 40. The applicant should not be a taxpayer and must have not subscribed to any other social security scheme.
    • By just paying a paltry sum per month after subscription, the enrollee is eligible to avail a monthly pension amount ranging from Rs.1,000 to Rs.5,000 that helps in managing expenses after retirement.
    • ICICI Atal Pension Yojana scheme is open to the labor class working in unorganized sectors who’re guaranteed a fixed sum in return for a small contribution.
    • The scheme extends flexibility to choose a pension amount of the subscriber’s choice.
    • Existing members of Swavalamban scheme will be automatically transferred to the APY to ensure a unified pension scheme for all.
    • As stated earlier, the Government of India (GOI) will contribute to this scheme for a period of 5 years, creating more value to the fund.

    The table below provides further details on the required contribution per month for various fixed pension amounts for different ages.

    Age Number of years you’re required to contribute Pension of Rs.1,000 per month Pension of Rs.2,000 per month Pension of 3,000 per month Pension of 4,000 per month Pension of Rs 5,000 per month
    18 years 42 years Rs 42 Rs 84 Rs 126 Rs 168 Rs 210
    19 years 41 years Rs 46 Rs 92 Rs 138 Rs 183 Rs 228
    20 years 40 years Rs 50 Rs 100 Rs 150 Rs 198 Rs 248
    21 years 39 years Rs 54 Rs 108 Rs 162 Rs 215 Rs 269
    22 years 38 years Rs 59 Rs 117 Rs 177 Rs 234 Rs 292
    23 years 37 years Rs 64 Rs 127 Rs 192 Rs 254 Rs 318
    24 years 36 years Rs 70 Rs 139 Rs 208 Rs 277 Rs 346
    25 years 35 years Rs 76 Rs 151 Rs 226 Rs 301 Rs 376
    26 years 34 years Rs 82 Rs 164 Rs 246 Rs 327 Rs 409
    27 years 33 years Rs 90 Rs 178 Rs 268 Rs 356 Rs 446
    28 years 32 years Rs 97 Rs 194 Rs 292 Rs 388 Rs 485
    29 years 31 years Rs 106 Rs 212 Rs 318 Rs 423 Rs 529
    30 years 30 years Rs 116 Rs 231 Rs 347 Rs 462 Rs 577
    31 years 29 years Rs 126 Rs 252 Rs 379 Rs 504 Rs 630
    32 years 28 years Rs 138 Rs 276 Rs 414 Rs 551 Rs 689
    33 years 27 years Rs 151 Rs 302 Rs 453 Rs 602 Rs 752
    34 years 26 years Rs 165 Rs 330 Rs 495 Rs 659 Rs 824
    35 years 25 years Rs 181 Rs 362 Rs 543 Rs 722 Rs 902
    36 years 24 years Rs 198 Rs 396 Rs 594 Rs 792 Rs 990
    37 years 23 years Rs 218 Rs 436 Rs 654 Rs 870 Rs 1,087
    38 years 22 years Rs 240 Rs 480 Rs 720 Rs 957 Rs 1,196
    39 years 21 years Rs 264 Rs 528 Rs 792 Rs 1,054 Rs 1,318
    40 years 20 years Rs 291 Rs 582 Rs 873 Rs 1,164 Rs 1,454

    ICICI Atal Pension Eligibility

    • Open to all Indians between the age group of 18-40.
    • To facilitate monthly contributions, a KYC compliant active bank account is required for enrollment.

    Subscription to Atal Pension Yojana From ICICI Bank

    Since ICICI is an authorized agency to facilitate APY, the applicant is required to submit the Subscriber Registration Form at the nearest branch. A copy of the Atal Pension Yojana form can be downloaded from the website of the bank. The branch representatives will keep you updated on the opening of the pension account. Auto debit arrangements can be made for seamless monthly debits.

    Penalty for Default and Discontinuation

    As per the rules of this scheme, subscribers are required to ensure contributions to the pension on a monthly basis. ICICI is authorized to collect penalty for delayed payments that varies from Rs.1 to Rs.10 as per the slabs below.

    • Rs.1 per month if the subscriber's contribution is up to Rs.100 per month.
    • Rs.2 per month if the contribution ranges from Rs.101 to Rs.500.
    • Rs.5 per month if the contribution ranges from Rs.501 to Rs.1,000.
    • Rs.10 per month for all contributions whose value is beyond Rs.1000 each month.

    If no payment is received into the account for 6 months or more, the pension account will be frozen. If this continues for 12 months or more, the pension account will be considered dormant and closed by the authorities.

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