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.
- 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.
|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|
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
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.
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.
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.
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.
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.
Atal Pension Yojana Top Pages
- Atal pension Yojana
- Atal pension yojana premium
- atal pension yojana withdrawal
- APY Calculator
- Apply for atal pension yojana
- Atal pension yojana online
- How to close APY Account
- Atal Pension Yojana Allahabad Bank
- Atal Pension Yojana Form
- Andhra Bank Atal Pension Yojana
- Atal Pension Yojana Pension Return
- Atal Pension Yojana Tax Benefits
- Atal Pension Yojana Benefits
- Atal Pension Yojana Penalty Charges
Atal Pension Yojana Other Pages
- Atal pension Yojana SBI
- Atal Pension Yojana Canara Bank
- Atal Pension Yojana State Bank of Patiala
- Atal Pension Yojana ICICI Bank
- UCO Bank Atal pension Yojana
- How to Get Atal Pension Scheme
- Punjab National Bank Atal Pension Yojana
- Indusind Bank Atal Pension Yojana
- Syndicate Bank of India Atal pension Yojana
- Union Bank Atal Pension Yojana
- How To Withdraw From Atal Pension Yojana Account
- Atal Pension Yojana Scheme Rules
- Atal Pension Yojana Age Limit
- Atal Pension Yojana Eligibility