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How Can I Apply For The Atal Pension Yojana On The SBI Online?

Published On Mar 12, 2022

The Atal Pension Yojana is designed in a straightforward manner, making it simple to understand for anyone interested in enrolling in the scheme. The Atal Pension Yojana beneficiaries would get monthly payments from the accumulated money. If the beneficiary dies, the spouse will continue to receive pension payments, and if both of them die, the lump sum payout will be given to the deceased beneficiary's nominee. Continue reading to learn more about the Atal Pension Yojana (APY).

Understanding SBI Atal Pension Yojana

Individuals can join up for a pension plan with the State Bank of India, which will pay them a monthly income after they reach the age of 60. A monthly charge is also required until the subscriber reaches the age of sixty. Pensions are provided in five distinct denominations: Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, and Rs 5,000. The enrollee will be expected to make a monthly contribution to the fund until they reach the age of 60. If a member dies while receiving a pension, the spouse receives the pension, while the nominee receives the fund left over after the spouse's death.

Features of SBI Atal Pension Yojana

1. All Indian citizens between the ages of 18 and 40 are eligible. If a person is 40 years old, they must contribute for at least 20 years in order to be eligible for a pension after 60 years.

2. An individual must pay a monthly fee in order to be eligible for a guaranteed monthly pension payout ranging from Rs 1,000 to Rs 5,000 and to be able to manage their finances.

3. Another benefit of the Atal Pension Yojana SBI is that an individual can choose the pension sum based on their preferences and the monthly payment amount.

4. The Atal Pension Yojana, which ensures that the purpose of providing pension to employees in the labor class is met, is open to non-taxpayers and individuals who are not members of any social security programme.

5. The fund's value grows during the first five years since the government contributes a significant amount.

6. Participants in the former Swavalamban scheme will be transferred to the Atal Pension Yojana, which ensures a single national pension plan.

Eligibility Criteria of SBI Atal Pension Yojana

1. A person must be at least 18 years old and no older than 40 years old.

2. To facilitate monthly transactions, an individual must have a current SBI bank account. The SBI account requires KYC compliance.

Online SBI Atal Pension Yojana Account Registration

1. To take advantage of the Atal Pension Yojana's benefits, one must have SBI online banking. After a person has successfully registered, they will receive an SMS and an email confirming their registration. The PRAN(Permanent Retired Account Number) number will be established and used as a reference number in the future.

2. From my Accounts area, go to 'Social Security Schemes.'

3. From the drop-down menu, select the Atal Pension Yojana form, then click 'Submit.'

4. Make the information available on the internet. Based on the date of birth, the premium contribution will be decided automatically. A person can additionally include details such as an email address, a nomination, and a permanent address. To receive information about the amount contributed each month, select the SMS alert option. A monthly balance transfer from the account to the Atal Pension Yojana account will be performed automatically as well.

5. Once the APY form has been submitted online, you can receive an acknowledgment from the status menu.

Take Away

The Atal Pension Yojana, which is supported by the Indian government, is managed by the Pension Fund Regulatory and Development Authority (PFRDA). The National Pension System's institutional architecture for enrolling new endorsers is the APY programme. For the Atal Pension Yojana scheme, PFRDA generates the account registration form and offer document.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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