Vijaya Bank Atal Pension Yojana

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.
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Pensions provide individuals with a monthly income post retirement. This option enables the elderly to live their old age in dignity and comfort and with the increase in lifespan, pensions are all the more essential. However, pensions are only provided for those who contribute a certain amount every month throughout their earning years. The Government of India’s Jan Dhan Yojana scheme provides options through which citizens can opt for a pension plan to live their golden years in peace. One such scheme is the Atal Pension Yojna named after the former Prime Minister of India, Mr. Atal Bihari Vajpayee. This scheme is targeted towards those employed in the unorganized sector who do not come under the bracket of any statutory social security scheme. Vijaya Bank offers subscription to the Atal Pension Yojana to all its account holders.

Overview of Vijaya Bank Atal Pension Yojana Scheme

Launched by the Government of India, the Atal Pension Yojana has been effective since 1 June 2015. Under this scheme, subscribers can earn a guaranteed pension amount between Rs. 1000 to Rs. 5000 every month. This pension plan can be procured by all individuals between the ages of 18-40 by contributing a certain amount every month. This scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the NPS architecture. Subscribers are required to contribute a set amount every month based on their age and the amount they wish to receive as pension. 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 and Features of the Atal Pension Yojana Scheme

  • 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
18 years 42 years Rs 42
19 years 41 years Rs 46
20 years 40 years Rs 50
21 years 39 years Rs 54
22 years 38 years Rs 59
23 years 37 years Rs 64
24 years 36 years Rs 70
25 years 35 years Rs 76
26 years 34 years Rs 82
27 years 33 years Rs 90
28 years 32 years Rs 97
29 years 31 years Rs 106
30 years 30 years Rs 116
31 years 29 years Rs 126
32 years 28 years Rs 138
33 years 27 years Rs 151
34 years 26 years Rs 165
35 years 25 years Rs 181
36 years 24 years Rs 198
37 years 23 years Rs 218
38 years 22 years Rs 240
39 years 21 years Rs 264
40 years 20 years Rs 291

Age at which you start contributing Number of years that you contribute Pension of Rs 2,000 per month
18 years 42 years Rs 84
19 years 41 years Rs 92
20 years 40 years Rs 100
21 years 39 years Rs 108
22 years 38 years Rs 117
23 years 37 years Rs 127
24 years 36 years Rs 139
25 years 35 years Rs 151
26 years 34 years Rs 164
27 years 33 years Rs 178
28 years 32 years Rs 194
29 years 31 years Rs 212
30 years 30 years Rs 231
31 years 29 years Rs 252
32 years 28 years Rs 276
33 years 27 years Rs 302
34 years 26 years Rs 330
35 years 25 years Rs 362
36 years 24 years Rs 396
37 years 23 years Rs 436
38 years 22 years Rs 480
39 years 21 years Rs 528
40 years 20 years Rs 582

Age at which you start contributing Number of years that you contribute Pension of Rs 3,000 per month
18 years 42 years Rs 126
19 years 41 years Rs 138
20 years 40 years Rs 150
21 years 39 years Rs 162
22 years 38 years Rs 177
23 years 37 years Rs 192
24 years 36 years Rs 208
25 years 35 years Rs 226
26 years 34 years Rs 246
27 years 33 years Rs 268
28 years 32 years Rs 292
29 years 31 years Rs 318
30 years 30 years Rs 347
31 years 29 years Rs 379
32 years 28 years Rs 414
33 years 27 years Rs 453
34 years 26 years Rs 495
35 years 25 years Rs 543
36 years 24 years Rs 594
37 years 23 years Rs 654
38 years 22 years Rs 720
39 years 21 years Rs 792
40 years 20 years Rs 873

Age at which you start contributing Number of years that you contribute Pension of Rs 4,000 per month
18 years 42 years Rs 168
19 years 41 years Rs 183
20 years 40 years Rs 198
21 years 39 years Rs 215
22 years 38 years Rs 234
23 years 37 years Rs 254
24 years 36 years Rs 277
25 years 35 years Rs 301
26 years 34 years Rs 327
27 years 33 years Rs 356
28 years 32 years Rs 388
29 years 31 years Rs 423
30 years 30 years Rs 462
31 years 29 years Rs 504
32 years 28 years Rs 551
33 years 27 years Rs 602
34 years 26 years Rs 659
35 years 25 years Rs 722
36 years 24 years Rs 792
37 years 23 years Rs 870
38 years 22 years Rs 957
39 years 21 years Rs 1,054
40 years 20 years Rs 1,164

Age at which you start contributing Number of years that you contribute Pension of Rs 5,000 per month
18 years 42 years Rs 210
19 years 41 years Rs 228
20 years 40 years Rs 248
21 years 39 years Rs 269
22 years 38 years Rs 292
23 years 37 years Rs 318
24 years 36 years Rs 346
25 years 35 years Rs 376
26 years 34 years Rs 409
27 years 33 years Rs 446
28 years 32 years Rs 485
29 years 31 years Rs 529
30 years 30 years Rs 577
31 years 29 years Rs 630
32 years 28 years Rs 689
33 years 27 years Rs 752
34 years 26 years Rs 824
35 years 25 years Rs 902
36 years 24 years Rs 990
37 years 23 years Rs 1,087
38 years 22 years Rs 1,196
39 years 21 years Rs 1,318
40 years 20 years 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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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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