Concerns regarding the citizen’s welfare and lifestyle in their old age prompted the Government of India to launch various welfare and pension schemes enabling them to join the National Pension System (NPS). One such option is the Atal Pension Yojana which focuses especially on those who work in the unorganized sector and do not benefit from any statutory social security schemes. Under the Atal Pension Yojana, individuals between the ages of 18 to 40 can contribute an amount every month until the age of 60, post which they will receive a fixed amount ranging from Rs. 1000 to Rs. 5000 each month as pension from the Government of India. This scheme is beneficial for workers in the unorganized sector who would generally not be able to have a secure future after retirement. The Atal Pension Yojna is directed by the Pension Fund Regulatory and Development Authority (PFRDA) through the NPS architecture.
Benefits of the Syndicate Bank Atal Pension Yojana
- The Atal Pension Yojana guarantees a fixed monthly amount between Rs. 1000 to Rs. 5000 to the subscriber after he/she attains the age of 60.
- All citizens between the ages of 18 to 40 can avail this scheme and the earlier the individual joins the Syndicate Bank Atal Pension Yojana scheme, lesser is the amount to be contributed every month.
- In the case of subscribers who do not benefit from any statutory social security schemes or if they do not pay income taxes, then the Government of India will co-provide 50% of the subscriber's contribution or Rs. 1000, whichever is the lower amount.
- In addition to this, individuals who join Syndicate Bank Atal Pension Yojana scheme between 1 June 2015 and 31 December 2015 can avail additional benefits wherein the Government of India will co-contribute to each eligible person for a period of five years.
Features of the Syndicate Bank Atal Pension Yojana
- The Atal Pension Yojana is targeted mainly towards those working in the unorganized sector so as to encourage them to save up and to help them lead a dignified life in their old age.
- The minimum age at which an individual can subscribe to Syndicate Bank Atal Pension Yojana scheme is 18 and maximum is 40 therefore a minimum contribution period of 20 years is mandatory.
- The Atal Pension Yojana is being administered by the Pension Fund Regulatory and Development Authority (PFRDA) and subscription is being offered by Syndicate Bank.
- Unless they choose to leave, current members of the Swavalamban Scheme will be automatically migrated to the Atal Pension Yojana scheme.
- Customers need to contribute a set amount each month to receive a pension amount between Rs. 1000 to Rs. 5000 after they reach the age of 60. The amount to be contributed depends on the customer’s age and the pension amount they choose to receive.
- Subscribers can vary the contribution amount as well and this option is available in April every year.
- The contribution amount is automatically debited from the subscriber’s Syndicate Bank account, therefore a minimum balance must be maintained in the account. Delay in payments attract a fee as illustrated in the table below -
- If payments are discontinued, then the account will either be frozen, deactivated or closed.
- Customers do not have the option of exiting the scheme unless in exceptional circumstances such as terminal illness or death.
|Contribution amount(per month)||Penalty charged(per month)|
|Upto Rs. 100||Re. 1|
|Rs. 101 - 500||Rs. 2|
|Rs. 501- 1000||Rs. 5|
|Over Rs. 1000||Rs. 10|
Indicative Contribution Table
|Age of entry||Number of years the subscriber will have to contribute for||Monthly pension amount of INR 1000||Monthly pension amount of INR 2000||Monthly pension amount of INR 3000||Monthly pension amount of INR 4000||Monthly pension amount of INR 5000|
Frequently Asked Questions on Syndicate Bank Atal Pension Yojana scheme
How can an individual open an Atal Pension Yojana Account with Syndicate Bank?
- Customers who have a savings account with Syndicate Bank need to fill the Atal Pension Yojana registration form.
- The primary KYC document required is the Aadhaar card. Apart from this, they will also have to give their mobile number.
- Subscribers also have to ensure that they maintain a minimum balance in their account as the contribution amount will be auto deducted from their account. Failure to do so will attract a penalty.
How many Atal Pension Yojana accounts can an individual open?
Subscribers can open only one Atal Pension Yojana account.
Do subscribers have the option of increasing or decreasing their contribution amount?
Yes, subscribers have this option during the course of the scheme, however the option to change the contribution amount is provided only once a year in April.
How will subscribers receive information about the status of their contribution?
Customers will receive the status of their contribution on their registered mobile number through regular SMS alerts. In addition to this, customers will also get a physical account statement.
Is a savings account necessary for a citizen to open a Atal Pension Yojana account?
Yes it is necessary for a citizen to have a savings account in order to open an Atal Pension Yojana account.
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