Atal Pension Yojana ICICI Bank
Atal Pension Yojana ICICI Bank is a scheme that offers pension services through ICICI Bank. With this scheme, one can contribute funds on a monthly basis and receive pension via their ICICI bank account once they retire.
Here are more details about Atal Pension Yojana ICICI Bank including features, benefits, eligibility, and others.
Features and Benefits of Atal Pension Yojana ICICI Bank
The following are the significant points to remembered by the subscriber of the Atal Pension Yojana (APY) scheme:
- The Government of India offers a minimum guaranteed monthly pension of Rs.1000 to Rs.5000 after 60 years of age of the subscriber.
- The Atal Pension Yojana related schemes are registered under the Pension Fund Regulatory and Development Authority.
- Co-contribution of 50% of subscriber contribution or Rs.1000 (which ever lesser) will be provided by the Government of India for a period of 5 years.
- The co-contribution benefit will not exceed five years for all subscribers including migrated Swavalamban beneficiaries.
- Co-contribution benefit is applicable for those who are not an income taxpayer and those who are not covered by any Statutory Social Security Schemes.
- Subscribers can make monthly contribution through ICICI bank account and avail pension after retirement by registering under this scheme.
- Monthly pension will be paid to the spouse or the nominee on death of the subscriber.
- Subscribers can download ‘APY and NPS Lite’ to view five recent contributions, and other details.
Atal Pension Yojana Contribution Chart
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 Rs.3,000 per month | Pension of Rs.4,000 per month | Pension of Rs.5,000 per month |
Return of corpus to the nominee | Rs.1.7 lakh | Rs.3.4 lakh | Rs.5.1 lakh | Rs.6.8 lakh | Rs.8.5 lakh | |
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 |
ICICI Atal Pension Eligibility
The following are the eligibility criteria to register for ICICI Atal Pension Yojana scheme:
- Indian between 18 years to 40 years
- Must have KYC compliant active bank account in the ICICI bank
How To Subscribe for Atal Pension Yojana?
The following are the steps to enroll for ICICI Atal Pension Yojana:
- Log in to the official website of ICICI Bank
- Click on the option ‘Customer Service’
- Click on ‘Service Request’
- Under the ‘Bank Account’ section, click on ‘Enroll for Atal Pension Yojana’
- Enter all the required details
APY account gets activated within one working day and auto-debit of monthly contribution starts automatically.
The process can also be completed offline by visiting the local ICICI bank branch. Subscribers need to submit duly filled Subscriber Registration form downloaded from the website to the branch. The bank representative will share further updates regarding auto-debit initiation and other details.
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.
Withdrawal Procedures
The following are the scenarios under which subscribers, or the nominee can withdraw the pension amount:
- Subscribers can exit APY on attaining 60 years and will receive 100% of the pension wealth.
- On death of the subscriber, the spouse will receive the pension
- On death of both the subscriber and the spouse, the pension amount will be paid to the specified nominee.
- Exiting APY before 60 years is permitted under specific circumstances such as death or terminal disease of the subscriber.
FAQs on Atal Pension Yojana ICICI Bank
- How many APY accounts can I open?
You can open only one APY account. Multiple APY accounts are not permitted as per the government guidelines.
- What is the due date for monthly, quarterly, or half-yearly contribution?
The due dates for regular contribution for monthly, quarterly, and half-yearly recovery are first or any day of the month, first month of the quarter, and first month of the half year. For initial contributions the due date will be T+2, where T is the date of registration.
- Can I increase or decrease the monthly contribution amount?
As per the monthly pension amount, the subscriber can increase or decrease the monthly contribution amount during accumulation phase. Switching from increased to decreased or vice versa can only be done once in the financial year.
- Who are the eligible beneficiaries under other social service schemes?
The eligible beneficiaries under other social service schemes are: The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948; Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955; Employees’ Provident Fund & Miscellaneous Provision Act, 1952; Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961; Seamens’ Provident Fund Act, 1966; and any other statutory social security scheme.
- What happens to the APY account, if the subscriber becomes non-citizen of the country?
Atal Pension Yojana is applicable for only Indian residents. If the subscriber becomes non-citizen, then the APY account will be closed, and the net interest earned will be refunded to the subscriber, but the Government co-contribution and the interest earned on it will not be refunded.
- Is it mandatory to provide nominee details while joining the scheme?
Yes, it is mandatory to provide the nominee details while subscribing to the scheme. It is also mandatory to provide spouse details if the subscriber is married.
- I am unmarried. Is there any provision for default nominee?
For unmarried subscribers, any other person can be a nominee and spouse details must be provided after marriage. The default nominee would be the spouse for all married subscribers.
- In case of continuous default, what will happen to the APY account?
In case of continuous default, the deductions for account maintenance charges and other related charges will be continued on a period basis until the account balance comes to zero.
- Can I access various APY forms online?
Yes, you can access various APY forms online that are available at https://www.npscra.nsdl.co.in/nsdlforms.php
- How do I track the status of my contribution?
The information related to APY account such as balance in the account, activation of PRAN, contribution credits and other details are intimated via SMS to the registered mobile number of the subscriber. Subscribers will also receive the physical statement of the account at their registered address.
- Will I get any physical statement of the APY transactions?
Yes, you will receive a physical statement of APY account every year. The statement will be sent to your registered address annually.
- What is the helpline number for APY scheme related queries?
The toll-free helpline number for APY scheme related queries is 1800-110-069.
- Is Aadhar mandatory for joining APY scheme?
Yes, any individual who wants to avail themselves of the benefits under the scheme must provide their Aadhar or undergo enrolment under Aadhar authentication. This has been made mandatory as per the provision in Section 7 of the Aadhar Act.
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