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  • Federal Bank Atal Pension Yojana

    Federal Bank Atal Pension Yojana

    As part of its retail banking portfolio, Federal Bank offers the Atal Pension Yojana to individuals belonging to the economically weaker section of the society. Introduced by the Prime Minister of India, this scheme enables the working class to earn a permanent income even after the age of 60. The Atal Pension Yojana pension scheme can be taken by any Indian citizen falling between the age brackets of 18 to 40 years and also holding a Federal Bank savings account. This scheme intends to provide a fixed pension amount to an individual based on the contribution and the time period. Federal Bank offers the Atal Pension Yojana at all bank branches in India. Participants of this scheme can get a minimum pension amount of Rs 1000 and up to a maximum amount of Rs 5000 from the age of 60, according to the contributions received.

    Benefits of Federal Bank Atal Pension Yojana

    • The Atal Pension Yojana scheme guarantees a fixed pension amount for up to Rs 5000, if the individual joins between the age of 18 and 40 years and then contributes accordingly.
    • The most important benefit of this scheme is that if a participant joins early then the amount would vary and would be comparatively low.
    • As per the Atal Pension Yojana scheme, contributors would get a pension varying from Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 or Rs. 5000 every month. This would be got at the age of 60 and the final amount would be decided based on the joining age and the contribution.
    • Since the minimum age for this plan is 18 years, the minimum contribution period would be atleast 20 years and more.

    Eligibility for Federal Bank Atal Pension Yojana

    • All Federal Bank account holders are eligible to subscribe to the Atal Pension Yojana scheme.
    • The minimum joining age requirement is 18 years and the maximum is 40 years. The pension would start from the age of 60.
    • The prospective subscriber should submit a mobile phone number, while registering for this scheme.

    Features of Federal Bank Atal Pension Yojana

    • The Federal Bank Atal Pension Yojana is targeted towards workers in the unorganized sector. Registered subscribers of the Swavalamban Yojana between the ages of 18 to 40 will be automatically moved to the Atal Pension Yojana scheme.
    • The contributions from a subscriber are invested as per the guidelines described under the Ministry of Finance, Government of India. The Atal Pension Yojana is generally administered by the PFRDA and the Government.
    • Federal Bank account holders can opt to contribute towards the scheme using the auto debit facility.
    • Customers have to opt for a pension value between Rs. 1000 and Rs. 5000 and a due date will be set by the bank for the amount to be debited. Subscribers also have the option of reducing or increasing the amount during the course of the scheme. This option will be provided once a year in April.
    • The set due date will be determined based on the first contribution date. Every subscriber would receive an acknowledgement receipt after enrolling into the scheme which would carry details like due date, PRAN, guaranteed pension amount, etc.
    • If a subscriber delays his monthly payments, then Federal Bank would impose a penalty varying from Rs. 1 to Rs. 10 every month.
    • Contribution Amount (Per Month) Penalty (Per Month)
      Rs. 100 Rs.1
      Rs. 101 to Rs. 500 Rs.2
      Rs. 501 to Rs. 1000 Rs.5
      Above Rs. 1001 Rs.10
    • If the subscriber discontinues his contribution, then the pension account will be frozen after 6 months, deactivated after 12 months and completely closed after 24 months.
    • Amounts collected using the Atal Pension Yojana scheme is generally managed by Pension Funds appointed by PFRDA and will follow the investment pattern decided by the Government. The subscriber does not have the option of choosing any other investment scheme.
    • The Aadhaar Card would be the primary KYC document required for this scheme to identify beneficiaries, nominees and family members.
    • The Government would fund 50% of the fixed pension amount to participants in this scheme for a period of five years from 2015 to 2020. This will be applicable only to subscribers who join the scheme between June 1, 2015 and December 31, 2015.
    • Once the subscriber completes the age of 60, they can submit a request to Federal Bank to withdraw the guaranteed pension amount. Customers cannot exit before this age and this is only permitted in cases of certain circumstances like illness or death of the beneficiary

    Atal Pension Yojana Contribution Chart

    Age No. of years Fixed Pension of Rs. 1000 Fixed Pension of Rs. 2000 Fixed Pension of Rs. 3000 Fixed Pension of Rs. 4000 Fixed Pension 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 Federal Bank Atal Pension Yojana

    1. What is the procedure to be followed for opening an Atal Pension Yojana account?

      • Federal Bank customers with a savings account have to fill in the Atal Pension Yojana form.
      • Details like the mobile number and the Aadhaar card have to be provided.
      • Sufficient balance has to be maintained in the account for making the monthly contributions.
    2. How many Atal Pension Yojana accounts can a subscriber open?

      Only one Atal Pension Yojana account can be opened by a subscriber.

    3. Should the Aadhaar card be mandatorily submitted while joining the scheme?

      The Aadhaar number is not required while opening the account, but will be the primary KYC document while enrolling beneficiaries and identifying family members and nominees.

    4. How will Atal Pension Yojana subscribers know the status of their contributions?

      Subscribers will get to know the status of their contributions via SMS alerts sent to the registered mobile number and will also receive a physical pension account statement.

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