ICICI Bank Atal Pension Yojana

The Indian government has set forth a scheme called the Atal Pension Yojana, which is the guaranteed pension scheme. This scheme is duly directed by the Pension Fund Regulatory and Development Authority.

The ICICI bank has registered with the PFRDA that provide the Atal Pension Yojana services.

What is Atal Pension Yojana?

The Atal Pension Yojana is the two-way contribution scheme wherein both the enrollee and government pool money into the wealth corpus, which can be accessed as the monthly pension when the subscriber is 60 years of age.

On the premise of the willingness of pensioner, the Atal Pension Yojana can choose for a fixed pension each month in various denominations of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs 5,000. The key determinants of the final pension sum are the sum contributed and the pensioners' age.

To achieve the aim of the Pradhan Mantri Jan Dan Yojana, the government will likely pool 50% of the contribution of the user or a sum of Rs 1000 whichever is low for five years into the scheme.

The ICICI Atal Pension Yojana will enable to make the monthly contributions to the fund and avail pension via the ICICI bank account after the retirement.

Features of ICICI Atal Pension Yojana

The following are the key features of ICICI Atal Pension Yojana:

  • By remunerating a paltry amount every month after the subscription, the enrollee is entitled to access the monthly pension sum varying from a minimum of Rs 1,000 to a maximum of Rs 5,000, which enables in managing the retirement expenses.
  • The ICICI Atal Pension Yojana scheme is for everyone who is a part of the labour class and is working in the unorganized sectors and a fixed amount is guaranteed in return for the small contribution.
  • The ICICI Atal Pension Yojana Scheme also offers the flexibility to choose a pension sum as per the choice of the subscribers.
  • Any existing members of the Swavalamban Scheme will be transferred to the Atal Pension Yojana scheme ensuring unified pension scheme for one and all.
  • The Indian government also contribute to the Atal Pension Yojana for five years, which leads to adding more credibility to the fund.

Eligibility Criteria to Open ICICI Atal Pension Yojana

  • The ICICI Atal Pension Yojana can be accessed by any Indian citizen who is between 18 years and 40 years. Besides, make sure the applicant neither is subscribed to any social security scheme nor be paying taxes.
  • To facilitate the monthly contributions, an active bank account complying with the KYC is required for the enrollment.

An Indicative Atal Pension Yojana Contribution Chart

The below table shows the details upon the required contributions each month for different fixed pension sum for the different ages:

Entry Age

Contribution Years

Rs 1000 Monthly Pension

Rs 2000 Monthly Pension

Rs 3000 Monthly Pension

Rs 4000 Monthly Pension

Rs 5000 Monthly Pension

18 years

42

42

84

126

168

210

19 years

41

46

92

138

183

228

20 years

40

50

100

150

198

248

21 years

39

54

108

162

215

269

22 years

38

59

117

177

234

292

23 years

37

64

127

192

254

318

24 years

36

70

139

208

277

346

25 years

35

76

151

226

301

376

26 years

34

82

164

246

327

409

27 years

33

90

178

268

356

446

28 years

32

97

194

292

388

485

29 years

31

106

212

318

423

529

30 years

30

116

231

347

462

577

31 years

29

126

251

379

504

630

32 years

28

138

276

414

551

689

33 years

27

151

302

453

602

752

34 years

26

165

330

495

659

824

35 years

25

181

362

543

722

902

36 years

24

198

396

594

792

990

37 years

23

218

436

654

870

1087

38 years

22

240

480

720

957

1196

39 years

21

264

528

792

1054

1318

How to Subscribe to Atal Pension Yojana from the ICICI?

As ICICI is authorized to facilitate the Atal Pension Yojana, the applicant needs to set forward the subscriber registration form at the nearby branch.

From the website of the bank, the form of Atal Pension Yojana can be downloaded. The representatives of the branch will keep the subscriber up to date on the pension account opening. For seamless monthly debits, an arrangement for auto-debits is made.

To subscribe to the ICICI Atal Pension Yojana, visit the official website of the company. Next, click on the ‘Customer Service’ icon and then click on the ‘Service Request’. Further, from the section of ‘Bank Accounts’ click on the ‘Enrol for APY’ and provide all the required details. Within one day the account of Atal Pension Yojana will be activated and automatically the auto-debit will be initiated.

Important Terms and Conditions of ICICI Atal Pension Yojana

Listed below are some of the important terms and conditions of ICICI Atal Pension Yojana:

  • Penalty for Default: Within the Atal Pension Yojana, an individual subscriber will have the option to contribute monthly. The ICICI bank will collect extra sum for any delay in the payment at Rs 1 per 100 or part. The fixed sum of penalty or interest will remain as a fragment of subscriber pension corpus.
  • Recovery of Contribution for the Delayed Payments: The module of Atal Pension Yojana will raise demand upon the date of due and raise continually until the sum is recovered from the account of the subscriber. The date of due for the recovery of the contributions monthly will be treated as the initial day or any other day in the calendar month for every subscriber. The bank can recover the sum any day until the month’s last day. It implies that the contribution is recovered as and only when the fund's area accessible anytime within the month. The monthly contribution is recovered along with the interest overdue when applicable. Within the ICICI Atal Pension Yojana, the subscribers remain connected on the mobile. This helps for timely and up to date information in regards to the account.
  • The Exit and Payment of Pension: When 60 years is completed, the subscriber can submit a request to the bank for drawing the monthly pension guaranteed. The pension sum will be payable to the spouse upon the demise of the subscriber. The nominee will be entitled to the return of the pension wealth upon the demise of both spouse and the subscriber. An exit before 60 years of age is not permissible, in case of customers’ demise, the spouse can contribute until 60 years and begin getting pension.
Written By: PolicyBazaar - Updated: 29 March 2021
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