A Detailed Guide To SBI Atal Pension Yojana (APY)- Features And Benefits

Amaresh (28-years-old) works in a small private firm in Kolkata. Though Amaresh is not earning a hefty amount per month, still he wants to save money by making some investments. Amaresh is confused about which policy will offer him a monthly pention after his retirement.

From his research, Amaresh finds out that SBI Atal pension Yojana is an impressive pension plan that is specially designed for unorganized sectors. Let’s take a deeper look at what is Atal Pension Yojana SBI online and its features and benefits.

Atal Pension Yojana (APY)

The Atal Pension Yojana scheme was launched by the Indian government in 2015-2016. The prime objective of this scheme is to offer individuals who are working in various unorganized sectors. This scheme is monitored and controlled by the Pension Funds Regulatory Authority of India. Individuals who are working in organized sectors and don’t have the option for pension may also be eligible for this plan. This scheme APY SBI also motivates young professionals to save from an early age so that they can lead a wholesome retired life.

The beneficiaries of the scheme will receive the accrued amount in the form of monthly payments. If the policyholder expires, then the spouse will receive the pension amounts and if both of them die, then the beneficiary will get the amount in a lump sum.

APY SBI

Let’s take a look at the SBI APY plan. The State Bank of India encourages individuals to get a monthly pension after attaining 60 years. Under this pension plan, you will get a monthly pension of Rs.1, 000, 2,000, 3,000, 4,000 and 5,000 (based on your selected plan)

By paying a fixed monthly sum (until the age of 60 years), a person can enroll on this scheme. If the policy member expires during the tenure period, the spouse will receive the pension. If both of them die, then the nominee will receive the accrued corpus. To support this scheme, the government will co- contribute 50 percent of the members’ contribution or Rs.1, 000 for a continuous period of 5 years.

The State Bank of India will help you to open an account under this scheme with SBI Atal Pension Yojana form. If you own a bank account in SBI, you need to make monthly SBI APY contributions to the fund from the account. After the age of 60, you will receive a monthly pension into your SBI bank account.

Atal Pension Yojana benefits SBI

• All Indian citizens between 18-40 years are eligible to open up this scheme. If the age of the customer is above 60, then the user needs to contribute for at least 20 years to be eligible for pension after 60 years.
• The user needs to pay a minimal monthly amount that will make him/her eligible for a guaranteed monthly pension. This minimal amount could be between Rs. 1,000 to Rs. 5,000. Once a person will receive the monthly pension amount, he/she can meet some financial expenses after retirement to a certain extent.
• This scheme is only available for non-taxpayers and people who don’t belong to any other social security scheme. The prime objective of this scheme is to offer pension to the labor class workers who actually need monetary support.
• Under this SBI Atal Pension Yojana, a customer can select the pension amount as per his choice, based on the amount he can contribute every month.
• All existing customers of the outmoded Swavalamban scheme will be shifted to the SBI APY so that they also get a monthly pension amount for their necessities.
• The fund value will be increased during the first five years since the government is also actively contributing a significant amount to the scheme.

The eligibility criteria for SBI Atal Pension Yojana

• The minimum age of the applicant is 18 years and the maximum age is 40 years
• The customers should possess an active SBI account and the account needs to be KYC compliant

Atal Pension Yojana Online Apply SBI

Just follow the below-mentioned steps for SBI Atal Pension Yojana online apply.

• To avail of the SBI Atal pension yojana, you must have an internet banking facility to your SBI account. After completion of the registration, you will get a confirmation SMS and an email to your registered email id.
• The PRAN number will be given and it will act as the reference number in future
• Now, under the section of “My Accounts”, you need to select the “Social Security Schemes”
• Select the SBI Atal Yojana form from the dropped down menu and then click on “Submit”
• Provide all relevant details online in the Atal Pension Yojana Form online apply SBI. After entering your birth date, your premium amount will be selected automatically from the Atal Pension Yojana SBI chart. You need to enter other imperative details like email id, nominee, and permanent address. Select the SMS alert to receive the details of the sum contributed every month
• Once you submit the form of Atal Pension Yojana SBI online, from the status menu, you can download the acknowledgement receipt. The PERDA maintains the PRAN number and your pension account. You can access your API account online and check the balance online or offline (by visiting the branch)

Penalty for Default and Discontinuation

All customers of the scheme need to pay monthly premiums on time to avoid discontinuation of the policy. If you miss your premium, SBI will collect a penalty amount that ranges between Rs.1 to Rs.10 based on your contribution amount. If there is no monthly payment for 6 months or more, the account will be frozen.

If your account won’t receive money for more than 12 months, it will be considered dormant. The insurer can close the account at any time.

The Bottom Line

The above article gave you adequate information regarding how to apply and open an SBI Atal Pension Yojana Account. So, what are you waiting for? Open an online pension yojana account and enjoy all the benefits of the scheme.