Atal Pension Yojana SBI

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.

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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.

Atal Pension Yojana Overview

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.

Understanding SBI Atal Pension Yojana

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.

What are the Features of Atal Pension Yojana SBI?

Listed below are the key Atal Pension Yojana SBI benefits:

  • It is open to every citizen of India who is between the age of 18-40 years. In case the subscriber age is 40 years than the least contribution of 20 years from the user will be required to be entitled to the pension after sixty years.
  • The subscriber needs to pay the nominal sum each month that makes them entitled for the guaranteed monthly pension sum ranging from Rs 1,000 till Rs 5,000 and enables to manage any financial obligations.
  • Another Atal Pension Yojana SBI advantage is that the subscriber can easily choose the pension sum as per the preference on the premise of the monthly contribution determined.
  • The Atal Pension Yojana is accessible to the non-tax-payers and those individuals who are not the member of any social security scheme as it ensures the aim to provide pension to the workers of labour class are duly met.
  • The fund value is enhanced during the initial five-years the government proactively contributes significant sum to the corpus.
  • The existing members of the currently defunct Swavalamban scheme will be migrated to Atal Pension Yojana as it ensures the single national pension scheme.

Eligibility Criteria for SBI Atal Pension Yojana

Now, let us quickly understand the following eligibility criteria for the Atal Pension Yojana SBI:

  • The applicant needs to be 18 years of age and the upper cap will be of 40 years of age.
  • The applicant should have an active SBI bank account to aid the monthly transactions. The SBI account needs to be KYC compliant.

How to Open Atal Pension Yojana Account Online in SBI?

To open the Atal Pension Yojana account online in SBI follow the listed below steps:

  • Primarily, you need to have internet banking in SBI to avail and enjoy the Atal Pension Yojana benefits. You will then obtain a confirmation SMS and an email registered on the successful registration. The PRAN number will be generated and this will serve as the reference number in the coming times.
  • Now, select the ‘Social Security Schemes’ in the section of ‘my Accounts’.
  • From the drop-down menu select the Atal Pension Yojana form and then click on ‘Submit’.
  • Provide the details online. The premium contribution will be selected automatically on the premise of the birth date. You can also enter details such as the email id, nominee, and permanent address. Also, choose the SMS alert to receive the details about the sum contributed each month. Even alternative for standing instruction will be created automatically for a balance transfer from the account to Atal Pension Yojana account each month.
  • Once the APY form is submitted online, an acknowledgement for the same can be downloaded from the status menu.

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.

Atal Pension Yojana SBI FAQs

  • What is pension and why do I need it?

    Pension is a financial security that people receive after their retirement. Any person subscribing to pension schemes receives monthly income after a particular age when they chose to retire from regular work.
    Here are some reasons why you should have a pension:
    • Reduced earning potential with age
    • Rise of the nuclear family (reduced dependence on family income)
    • Increase in cost of living
    • Financial independence
  • Who can subscribe to SBI Atal Pension Yojana?

    Any Indian citizen (including NRIs) can subscribe to the SBI Atal Pension Yojana if they fall under these specific conditions:
    • Age: 18 to 40 years
    • Holder of SBI savings account
    You must also provide KYC documents like Aadhaar card and registered mobile number to subscribe to the scheme.
  • How do I open my SBI APY account?

    You can visit your nearest SBI branch to open a savings account, which is mandatory for subscribing to the APY scheme. Then, you can ask the concerned person or relationship manager for the APY subscription form. After filling out the form, be sure to complete the required KYC. Further, make regular contributions to keep the scheme running.
  • How many APY accounts can one person open?

    A person can only open one APY account under his/her name. Minors (aged under 18 years) cannot open an APY account. Any Indian citizen, including NRI, is eligible to open the APY account.
  • What is the frequency of making contributions to the scheme?

    After deciding the amount at the time of inception, you can make monthly, quarterly, or half-yearly contributions. You can also opt for an auto-debit facility at the bank for your APY scheme. 
    For each delayed contribution, late fee or overcharge if applied. However, if multiple contributions are missed, deductions will continue from the APY account as maintenance charges and other fee.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
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^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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