Atal pension Yojana

Sr. No Particulars Remarks
1 Eligibility
  • Any Indian citizen, in age between 18 to 40 years can join the scheme.
  • Aadhar number is mandatory for joining APY.
  • He/she must have a saving bank account, as per our bank rules.
  • Valid mobile number mandatory.
  • No income criteria.
  • Our staff members, their family members can also open accounts under the scheme.
2 Benefit of Atal Pension Yojana
  • Guaranteed monthly pension between Rs. 1000 to Rs. 5000 to the subscriber after 60 years of age, which may be continued to spouse after death of the subscriber.
  • Return of corpus to the nominees after death of both.
  • Government benefit/contribution however may be available only to those subscribers, who are not covered under any social scurity scheme like PF, Gratuity etc.
  • The scheme would support the bank for long term retention of customer.
  • Normal interest earned by subscriber at present ranges between 6.50% to 7.37 %
  • The tax benefits include the additional deduction of upto Rs 50,000 under section 80CCD(1)
3 Length of Scheme Applicant joining this scheme at age of 18, has to pay regular installment for 42 years.(i.e. till he/she attains the age of 60). As the age of applicant increases, tenure for paying installment goes on decreasing.
4 Amount of pension Applicant can opt for monthly pension amount of Rs 1000 to Rs 5000 depending on monthly contribution by applicant.
5 Procedure to be followed by the customer
  • Open saving account with our bank.(if not already existing).
  • Fill up APY application/registration form
  • Provide aadhar , mobile number, email ID, KYC requirements.
  • Bank to issue acknowledgment number/ PRAN to customer against their application.
  • Deposit the initial contribution
  • Applicant need to maintain adequate balance in saving account as installment is remitted through auto debit facility.(standing instructions) Standing instructions column is available in Application form itself
  • Subscriber will receive SMS confirming activation of PRAN(Permanent retirement Account Number)
6 Penalty for insufficient balance Bank is required to collect additional amount for delayed payment. Amount may vary from Re 1 to Rs 10 per month or as may be decided from time to time.
7 Penalty for default.
  • Account of applicant will be frozen in case of 6 months of continuous default.
  • Account will be deactivated in case of continuous default for 12 months.
  • After 24 months account will be closed.
8 Nomination Nomination is mandatory for APY scheme. Unmarried subscriber can nominate any relative as nominee.
9 Change in Installment and pension amount Applicant gets facility of increase or decrease in instalment and corrosponding pension amount. However this option is available only once in a year in April month.
10 Maturity of scheme Applicant needs to submit withdrawal request on completion of 60 years. Exit before 60 years is not normally permitted, except in case of terminal illness. In case of death of applicant, accumulated corpus will be returned to spouse / nominee.
11 Status of contribution Applicant can check status of his contribution through PRAN online. If applicants register email id then NSDL will send statement on email. Subscriber will receive sms also from NSDL Annual statement of account can also be sent to subscriber by NSDL.

Indicative APY Contribution chart:

Entry age

 

Years of continued contribtution

 

Monthly pension of Rs.1000 on retirement after 60

 

Monthly pension of Rs.2000 on retirement after 60

 

Monthly pension of Rs.5000 on retirement after 60

 

18 42 Rs.42 Rs.84 Rs.210
20 40 Rs.50 Rs.100 Rs.248
30 30 Rs.116 Rs.231 Rs.577
35 25 Rs.181 Rs.365 Rs.902
40 20 Rs.291 Rs.582 Rs.1454
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