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  • Vijaya Bank Atal Pension Yojana

    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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