We work very hard and spend our days trying to earn a livelihood and to improve our standard of living. However, most of us do not stop and wonder how our lives would be when we are too old to work. In fact, many people do not save money or invest on any pension schemes that can help them to spend their retirement years in peace. A pension or a retirement plan can offer people with a particular sum of money every month as a pension after they reach the age of retirement. If you are looking for an affordable pension plan, you can opt for SBH Atal Pension Yojana as it will help you to get a decent sum of money as pension every month when you retire.
Overview of SBH Atal Pension Yojana
Atal Pension Yojana is a pension scheme that was launched by the government of India in Feb, 2015. The benefits of the scheme are guaranteed and the monthly pension will range from Rs 1,000 – Rs 5,000 every month. This guaranteed scheme will be administered by the Pension Fund Regulatory and Development Authority (PFRDA). Most of the national and private banks in the country, including the State Bank of Hyderabad, are offering people with subscriptions to this pension scheme.
Features and Benefits of SBH Atal Pension Yojana
- By subscribing to this pension scheme, people can avail guaranteed pension every month.
- The monthly pension amount will range from Rs 1,000 to Rs 5,000.
- For subscribers who are not income tax payers and are not covered by any other social security scheme, the Government of India will co-contribute an amount of Rs 1,000 per year or 50 percent of the amount contributed by the subscriber, whichever is lower.
- The government of India will contribute to eligible subscribers for a period of 5 years.
- Only 1 account can be opened by each subscriber under this scheme.
- The scheme is aimed at providing pension benefits to workers of the unorganized sector.
- The pension amounts will be paid only after the subscriber reaches the age of 60.
Here is a table indicating the amount that you will need to contribute to earn pension of Rs 1,000 to Rs 5,000 every month.
|Age at which you start contributing||Number of years that you 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|
The contributions made under this scheme will be invested as per the investment guidelines given by the Finance Ministry of India.
SBH Atal Pension Yojana Eligibility
- All Indian citizens in the age group of 18 – 40 years are eligible to open an account under SBH Atal Pension Yojana.
- The subscribers also need to have a saving account in their name as their contributions will be deducted from that account.
- It is not required for the subscriber to have a mobile number but is expected as the status of contributions made will be sent to the registered mobile number on a periodic basis.
- It is not mandatory to provide Aadhar details for subscribing to this SBH Atal Pension Yojana scheme.
People who are covered by any of the statutory social security schemes are not eligible to receive any contribution from the government. Some of these schemes are listed below.
- The Employees’ Provident Fund Act of 1952
- The Coal Mines Provident Fund Act of 1948.
- The Assam Tea Plantation Provident Fund Act of 1955.
- The Seamens’ Provident Fund Act of 1966.
- The Jammu Kashmir Employees’ Provident Fund Act of 1961.
How to open an account under the SBH Atal pension Yojana?
In order to open an account under this pension scheme, you will need to approach any of the branches of the State Bank of Hyderabad, provide your bank account details and also fill the registration form. The registration form is available on the official website of the bank and you can download the SBH Atal Pension Yojana form in any of the three languages, English, Hindi and Telugu. Once you submit the form along with the required details, the bank will process your application and will open the account within a few days.
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