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  • SBH Atal Pension Yojana

    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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