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  • Atal Pension Yojana SBI

    Numerous pension schemes are available in India, by means of both private and employer provided options. Millions of Indians are beneficiaries of a plethora of pension schemes to live a dignified life post retirement. More often than not, access to these pension schemes does not benefit the masses owing to multiple factors such as availability and accessibility. This drawback is mostly visible in unorganized sectors of the society where people have little access to social security post retirement. To bridge this gap, the Government of India (GOI) has come out with a pension scheme that aims to address the financial needs of the lower rung. Christened Atal Pension Yojana(APY), named after India’s former Prime Minister Shri. Atal Bihari Vajpayee, this pension program is one of its kind in the country.

    Various government agencies and private institutions are engaged to provide seamless pension benefits to the members under the Atal Pension Yojana(APY), foreseen by Pension Fund Regulatory and Development Authority (PFRDA). State Bank of India (SBI) is the most recognized banking brand in India today with a network that spans across the length and breadth of the country. The bank is a registered aggregator under this scheme to provide pension services. One can walk into the designated branch to become a member of APY by filling up the form and providing supporting documents.

    Overview of SBI Atal Pension Yojana

    Based on the pension amount chosen, the enrolled person qualifies to get a monthly pension after the age of 60 years. The pension denomination amounts available are Rs.1,000, 2,000, 3,000, 4,000 and 5,000. To be eligible for this scheme, the enrollee is required to pay a fixed sum on a monthly basis into the fund until the age of 60 years. If the member dies during the pension period, their spouse continues receiving pension and the nominee receives the accrued corpus after death of the spouse. In order to fulfill national objectives of financial inclusion, the government will co contribute 50 percent of the members contribution or Rs.1,000 for a continuous period of 5 years to add monetary value to the corpus.

    SBI lets you open an account under this scheme and operate it by letting you make monthly contributions to the fund from the account you hold with the bank. You can also receive monthly pension into your bank account with SBI once you become eligible to receive monthly payments from the government after the age of 60.

    Features and Benefits of SBI Atal Pension Yojana

    • Open to all Indian citizens between the age band of 18-40 years. Assuming a situation where the age of the subscriber is 40 years, at least 20 years of contribution from the user is required to be eligible for pension after 60 years.
    • The subscriber has to pay a nominal amount per month which makes them eligible for a guaranteed monthly pension amount ranging from Rs.1,000 to Rs.5,000 to that helps in managing the financial obligations of life after retirement to a certain extent.
    • The APY is available to non-taxpayers and persons who are not a member of any other social security scheme to ensure the objectives to provide pension to the labor class workers are met.
    • Under SBI Atal Pension Yojana scheme, the subscriber is free to choose a pension amount of his choice on the basis of which the monthly contribution is determined.
    • All existing members of the now defunct Swavalamban scheme will be migrated to the APY to ensure a single national pension scheme.
    • The value of the fund is enhanced during the first five years since the government proactively contributes a significant amount to the corpus.

    Refer to the table below to understand the estimated contribution per month at 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

    SBI Atal Pension Yojana Eligibility

    • The applicant should be atleast 18 years old with an upper cap of 40 years.
    • Should hold an active bank account with SBI to aid monthly transactions. The account should be KYC compliant.

    Subscription to Atal Pension Yojana From SBI

    To open a SBI Atal Pension Yojana Scheme, walk into the nearest branch of SBI and ask for the Subscriber Registration Form. By providing Atal Pension Yojana form along with the required documents, you will be able to open an account and start making monthly contributions. To ensure intervention free payments, ask for an Auto Debit Arrangement where the monthly payments are debited from your SBI bank account.

    Penalty for Default and Discontinuation

    Subscribers to SBI Atal Pension Yojana scheme are required to ensure no interruptions in monthly contributions. In case of delay or default, SBI is authorized to collect a penalty amount that ranges between Rs.1 to Rs.10 on the basis of the contribution amount.

    In cases where the account does not receive monthly payments for 6 months or more, the account can be frozen. If the pension account does not receive monies for more than 12 months, it will considered as dormant and can be closed by the agency.

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