The State Bank of India is one of the foremost and prominent public sector bank in the country. Now it is providing services to the customers with private sector bank and has come up with an alternative of opening Atal Pension Yojana Scheme online.
The State Bank of India offers a plethora of online services at no cost. In this article, we will understand opening Atal Pension Yojana account online in SBI. But before that let us quickly take a brief understanding of the Atal Pension Yojana.
The Atal Pension Yojana is the pension scheme that has been introduced in 2015-2016 by the Indian government. The APY was implemented with the prime focus to provide the pension benefits to those individuals who are in the unorganized sector. This noticeable scheme is controlled and regulated by the Pension Funds Regulatory Authority of India.
Besides, individuals who are employed in an organized sector and have no recourse to the pension benefits can also easily invest and safeguard income source for the old age. This is one of the prime reasons that pension plans are considered a secured option.
This scheme essentially targets to mitigate the financial obligations of the individuals that are cropped up during the retirement stage by simply encouraging savings right from an early age. The sum of pension that an individual will receive directly rely upon the contributions done monthly that is decided to make and the age.
The Atal Pension Yojana beneficiaries will receive the accumulated corpus in the manner of monthly payments. In case the beneficiary passes away then the spouse will continue to receive the pension benefits and if both of them are no more, then the deceased beneficiary’s nominee will obtain the amount in the lump sum.
Now that you have a brief idea about the Atal Pension Yojana. Let us quickly have an overview about the Atal Pension Yojana SBI.
The State Bank of India permits one to register for the pay that will provide the subscriber to earn pension each month after turning 60-years of age. The subscriber also needs to pay a certain sum every month until they cross sixty years of age.
On the premise of the pension sum chosen, the person qualifies and obtain monthly pension after 60 years of age. The pension denomination sum accessible is Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs 5,000.The enrollee will be needed to pay the sum fixed monthly towards the fund till 60 years of age. As stated above, the member passes away within the pension term then the spouse will receive the pension and the nominee will receive the corpus accrued after the demise of the spouse.
To meet the national objectives of the financial inclusion, the government will co-contribute 50% of the contribution of the members or Rs 1,000 for a regular term of 5-years simply to add value monetarily to a corpus.
State Bank of India will help you to open the account within the scheme and operate the same by letting you make the Atal Pension Yojana contributions monthly to a fund from an account you hold with the respective bank. You can receive the monthly pension into the bank account with SBI once you are eligible to obtain the monthly payments from the government after 60 years of age.
Listed below are the key Atal Pension Yojana SBI benefits:
Now, let us quickly understand the following eligibility criteria for the Atal Pension Yojana SBI:
To open the Atal Pension Yojana account online in SBI follow the listed below steps:
The PRAN number and account of Atal Pension Yojana is maintained with the PFRDA. For now, the balance of the APY account cannot be accessed online and it can be accessed through branch only. The change of premium sum in contribution can be made by filling up the form accessible online at the branch respectively.
Open the Atal Pension Yojana SBI account online and enjoy the benefits.