Vijaya Bank Atal Pension Yojana Last Updated : 14 Oct 2019

Vijaya Bank offers customers with the Atal Pension Yojana scheme that provides a monthly pension after they attain the age of 60. The subscriber should be working in the unorganised sector and should not be paying taxes.

Vijaya Bank offers subscription to the Atal Pension Yojna to all its account holders. Opening Vijaya Bank Atal Pension Yojana account is quite simple as it requires citizens to fill out a subscription form in Vijaya Bank, provide the required documents and ensure that the required amount is present in their Vijaya Bank savings account. Atal Pension Yojana was launched to ensure that workers under the unorganized sectors benefit from retirement plans and lead a dignified life in their old age.

Benefits & Features of Atal Pension Yojana

  • Subscribers can avail a guaranteed pension amount between Rs. 1000 and Rs. 5000 every month after they attain the age of 60.
  • Individuals between the ages of 18 to 40 can procure Vijaya Bank Atal Pension Yojana scheme and the earlier the individual enrols, lesser is the amount to be contributed. Therefore a minimum contribution period of 60 years is mandated.
  • Subscribers who enrol in this scheme before 31 December 2015 can avail additional benefits in the form of government contribution. The Government of India will co-contribute to each eligible individual for a period of five years.
  • Applicants who do not come under the bracket of any statutory social security scheme or if they are not income taxpayers, can avail a government co-contribution of 50% or Rs. 1000 every year (whichever is the lower amount).
  • Subscribers need to have a savings account with Vijaya Bank with an auto debit facility linked to their account. This is because the contribution amount each month is directly debited from the subscriber’s account. Therefore, a minimum amount will have to be maintained in their account.
  • In case payments are delayed for a particular month, a penalty will be levied as mentioned in the table below.
  • Amount being contributed (per month) Penalty (per month)
    Upto Rs. 100 Re. 1
    Rs. 101 - Rs. 500 Rs. 2
    Rs. 501 - Rs. 1000 Rs. 5
    Rs. 1001 and above Rs. 10
  • In addition to this, if payments are discontinued then the account will either be frozen, deactivated or closed.
  • An individual can open only one Atal Pension Yojana account.
  • Subscribers are not permitted to exit the scheme midway unless circumstances are exceptional such as terminal illness or death.

Vijaya Bank Atal Pension Yojana Eligibility

  • Indian citizens who fall in the age bracket of 18-40 can procure this scheme through their Vijaya Bank accounts.
  • They will also have to provide the required KYC details such as Aadhaar card number and their mobile number.

The Indicative Atal Pension Yojana Contribution Chart is as follows -

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 198 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

Frequently Asked Questions (FAQs) on Vijaya Bank Atal Pension Yojana

  1. How can an individual open a Vijaya Bank Atal Pension Yojana Account ?
    • In order to subscribe to the Atal Pension Yojana scheme, individuals will first have to possess a savings account with Vijaya Bank
    • Atal Pension Yojana subscription form will also have to be filled out by providing the necessary details.
    • The individual will then have to furnish documents such as their Aadhaar card number and mobile number.
    • They will also have to maintain the required amount in their account every month as the contribution amount will be directly debited from there.
  2. What is the due date for the contribution each month?

    The due date for the contribution amount depends on the date when the initial amount was contributed.

  3. Is the Aadhaar number mandatory for joining the scheme?

    Aadhaar number is not mandatory for opening the Atal Pension Yojana account, however it is the primary KYC document required.

  4. Is it mandatory for the individual to provide a nominee while joining the Atal Pension Yojana scheme?

    Yes, it is necessary for a nominee to be provided.

  5. Are customers provided with the option of varying their contribution amount?

    Yes, customers have the option of varying their contribution amount for pension scheme, however this option is provided only once in the entire year, in April.

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