The Federal Bank offers the Atal Pension Yojana as one of the products of its retail banking portfolio. The scheme allows an individual to draw Rs.1,000 to Rs.5,000 in the form of pension. The amount is based on the contribution of the individual.
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.
- 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
|Contribution Amount (Per Month)||Penalty (Per Month)|
|Rs. 101 to Rs. 500||Rs.2|
|Rs. 501 to Rs. 1000||Rs.5|
|Above Rs. 1001||Rs.10|
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
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.
How many Atal Pension Yojana accounts can a subscriber open?
Only one Atal Pension Yojana account can be opened by a subscriber.
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.
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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