Atal Pension Yojana SBI : Eligibility | Features | Online & Offline | Chart

Introduction

State Bank of India (SBI) allows one to register for the Atal Pension Yojana (formerly known as Swavalamban Yojana) that provides the subscriber to earn a pension every month after turning 60 years old.
The subscriber will need to pay a specific amount/month till they cross 60 years.
In this article, We will discuss about Atal Pension Yojana SBI scheme.

What is Atal Pension Yojana SBI

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Atal Pension Yojana (APY) SBI, a pension scheme for citizens of India, is focused on the unorganized sector employee.
Under this plan, guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the subscriber’s contributions.
The pension plan is administered by Pension Fund Regulatory & Development Authority (PFRDA) and the Institutional Architecture of National Pension System (NPS) is utilized to enroll subscribers under APY.

Eligibility For Atal Pension Yojana SBI

The following are the eligibility criteria of APY SBI account.

  • Any Citizen can join this plan and the age of the subscriber should be between 18 – 40 years.
  • He / She should have a SBI savings bank account.

The prospective applicant may provide Aadhaar’s detail along with registered mobile number to the SBI bank during registration to facilitate receipt of periodic updates on APL account.
Aadhaar details needs to be provided at the time of enrolment.

Features

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Contribution

The contribution can be made monthly/quarterly/half yearly.
The amount of contribution depends on the age of the subscriber, frequency and the amount of pension that is desired after reaching 60 years of age. The contribution grows as the age of the contributor increases.
There are 5 type of monthly pension options Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs. 5,000 and the contribution increases as the monthly pension amount increases.
These contributions can't be withdrawn from the plan before the plan is over. Partial withdrawal is prohibited. Only in exceptional condition, such as terminal illness, the contributions and interest earned thereon will be allowed to be withdrawn.
Opening Account

Offline and online applications for APY are allowed.
Offline applications have to be done by filling up a SBI form and submitting it to the respective SBI branch as required.
The APY subscriber will pay a sum as account maintenance charges and these will be charged from the account and the gains made on investments.
In a condition of default in contribution,
a penalty will be charged as Rs 1 per Rs 100 of contribution/month.
Tax Benefit

Investment or contributions made to the APY are eligible for deduction under Section 80CCD to the tune of Rs 50,000 over and above the deduction under Section 80C.
Withdrawn

Death of the contributor after the age of 60 years, the spouse will get a monthly.
Death of contributor before 60 years,
the spouse has an option to continue contributions or to close the account and withdraw the contribution and earnings on it.
In the matter of death of the spouse and the contributor after pension is started,
the nominee will get the predefined corpus marked for the pension slab chosen.

Benefits of Atal Pension Yojana | Swavalamban Yojana | 2021-22

Atal Pension Yojana SBI Chart

The monthly or quarterly or half yearly contribution depends upon the intended or desired monthly pension and the subscriber’s age at entry.
Click below to view the APY SBI contribution chart (age wise).

Atal Pension Yojana in SBI Online

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  1. Go to SBI official net-banking website and login with credentials.
  2. After this, click on the e-Services link option. The new window will open, a link on it will be in the name of Social Security Scheme.
  3. You have to click there.
  4. After that you will see three options, PMJJBY,PMSBY and APY.
    Here you have to click on APY(Atal Pension Yojana).
  5. After that you will have to fill your complete details.
    In which the correct account details, name, age and address etc. will have to be given.
  6. Which are you choosing in pension options, for example Rs 1000 monthly.
    After that your monthly contribution will be decided based on your age.
  7. Under the Atal Pension Yojana, the account will open within one day.

Offline Process

  1. Fill up and submit the APY SBI form, at your local SBI bank branch.
  2. Your first contribution amount will be deducted from your linked SBI account at the time of account opening.
  3. SBI will issue acknowledgment number to you.
  4. Subsequent contributions will be automatically deducted from your SBI account.

Atal Pension Yojana SBI form


Source – pfrda

Read More Atal Pension Yojana Calculator : Calculation for Monthly Pension


How to Fill APY SBI Registration Form

The APY SBI registration form comprises the following mandatory fields that need to be filled out correctly prior to submission of the registration form.

  1. Bank details like SBI Account Number and SBI Branch information.
  2. Personal Details such as Name, Date of Birth, Email ID, Marital Status, Name of the spouse, Name of the nominee, nominee’s relationship with the subscriber, Age and registered Mobile Number of the subscriber’s.
  3. Aadhar Card of spouse and nominee.
  4. Pension information to be provided like Pension Amount selected – Rs 1000/Rs 2000/ Rs 3000/Rs 4000/Rs 5000.
  5. The Monthly Contribution Amount will be calculated and filled out by the SBI.

APY SBI Charges

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Point of PresenceRegistration of APY SubscriberRs.120 to 150, which depends on the number of subscribers
Recurring Charges Per AnnumRs. 100 per subscriber
Central Recordkeeping AgenciesAPY Account opening chargesRs. 15 per account
Account maintenance chargesRs. 40 per account per annum
CustodianInvestment maintenance Fee (per annum)0.0075% for electronic  & 0.05% for physical segment of Assets under Management
Pension Fund ManagersInvestment maintenance Fee (per annum)0.0102% of Assets under Management

Penalty Charges

The subscribers shall have an option to make the
contribution on a monthly basis. SBI bank are required to collect additional amount for delayed payments, such amount will vary from minimum Rs 1 to Rs 10/- per month as shown below:

• Rs 1 per month for contribution upto Rs. 100 per month.
• Rs 2 per month for contribution upto Rs. 101 to 500/- per month.
• Rs 5 per month for contribution between Rs 501/- to 1000/- per month.
• Rs 10 per month for contribution beyond Rs 1001/- per month.

The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

Source: pfrda

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