State Bank of India (SBI) allows one to register for the Atal Pension Yojana that provides the subscriber to earn a pension every month after turning 60 years old.
The subscriber will need to pay a specific amount per month till they cross 60 years.
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 APY 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.
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 Rs.3,000 per month | Pension of Rs.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 |
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.
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.
Indian citizens who are between the ages of 18 and 40 are eligible for the program. Upon reaching the age of sixty, subscribers are promised a minimum pension of Rs.1000/- to Rs.5000/-per month.
After 60 years old, it provides fixed pensions. Ages 18 to 40 years, Indian citizenship, 20 years of contributions, an Aadhar-linked bank account, and a mobile number are requirements for eligibility. Contributions are determined by pension plan and age. Withdrawal is permitted at age 60 or in special cases.
Contributions to the Annuity Plan are tax-exempt under Section 80CCD of the Income Tax Act of 1961, with a maximum exemption amount of Rs.15 lakh or 10% of the individual's gross income.
Once an APY account has been opened, subscribers who are 60 years of age or older can request monthly pension withdrawals from the bank.
Indeed, your account will be billed with overdue interest for the duration that the contribution to your APY account is delayed past the due date.
People who participate in the program can contribute to their Atal Pension Yojana account until they turn 60 years and receive a monthly pension. People will benefit from this since it gives them a guaranteed minimum pension amount to cover their living expenses after they reach 60 years of age.
Indeed. Nominee information must be entered into the APY account. The subscriber's spouse will be the default nominee if they are married. Subscribers who are single may designate anyone else as a nominee, and they must submit spouse information upon marriage.
With the enrollment of over 5.25 crore users, APY has been successfully implemented for eight years. The Government of India's flagship social security program, Atal Pension Yojana (APY), has been successfully implemented for eight years.
With the enrollment of over 5.25 crore users, APY has been successfully implemented for eight years. The Government of India's flagship social security program, Atal Pension Yojana (APY), has been successfully implemented for eight years.
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