ICICI Bank Atal Pension Yojana

The Atal Pension Yojana is a two-way contribution system in which both the enrollee and the government contribute to a wealth corpus that can be accessed as a monthly pension when the Subscriber reaches the age of 60.

The Atal Payment Yojana allows pensioners to choose a set monthly pension in denominations of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, and Rs 5,000 based on their willingness. The final pension payout is determined mainly by the amount donated and the pensioners' age.

Characteristics of the Atal Pension Yojana ICICI

The ICICI Atal Pension Yojana has the following main features:

  • Existing Swavalamban Program participants would be transferred to the Atal Pension Yojana scheme, establishing a single pension scheme for everybody.
  • The Indian government also contributes to the Atal Pension Yojana for a period of five years, lending credibility to the fund.
  • The enrollee can access the monthly pension sum ranging from a minimum of Rs 1,000 to a maximum of Rs 5,000 by remunerating a pittance every month after the subscription, which helps manage the retirement expenditures.
  • The ICICI Atal Pension Yojana Scheme also allows subscribers to select a pension payout of their choice.
  • The ICICI Atal Pension Yojana scheme is for everyone in the labour class who works in unorganized industries, and a predetermined amount is guaranteed in exchange for a bit of investment.

Who is Eligible for the Atal Pension Yojana Scheme ICICI?

  • Any Indian citizen between the ages of 18 and 40 can apply for the ICICI Atal Pension Yojana. Furthermore, ensure that the applicant is not enrolled in any social security plan or paying taxes.

  • Enrollment requires an active bank account that meets the KYC requirements to facilitate monthly donations.

Things to Know About the Atal Pension Yojana through ICICI Bank

Some of the key terms and conditions of the ICICI Atal Pension Yojana are as follows:

  • The Atal Pension Yojana module will raise demand on the due date until the balance is collected from the Subscriber's account. The due date for the monthly recovery of contributions will be treated as the first day or any other day in the calendar month for each Subscriber. The bank can collect the money at any time until the end of the month.

    It signifies that the contribution is only recovered when the fund's area is accessible at any moment during the month. The monthly donation is collected, together with any late interest. Subscribers to the ICICI Atal Pension Yojana remain linked via mobile. This allows for more immediate and up-to-date account information.

  • Individual subscribers to the Atal Pension Yojana will be able to contribute monthly. The ICICI bank will charge an additional fee of Rs 1 per 100 or part thereof for any payment delay. The specified amount of penalty or interest will be retained as a portion of the subscriber pension corpus.

  • When the Subscriber reaches the age of 60, he or she can apply to the bank for the guaranteed monthly pension. When the Subscriber dies, the pension will be paid to his or her spouse. When both the Subscriber and the spouse die, the nominee is entitled to the restitution of the pension fortune.

    Exit before the age of 60 is not permitted; however, if the customer dies, the spouse can contribute until the age of 60 and begin receiving a pension.

Atal Pension Yojana Apply Online ICICI Bank

Here are the steps that you will have to follow for the Atal Pension Yojana Online Apply to ICICI Bank:

  • Step 1: You will have to go to the internet banking portal and log in.
  • Step 2: Navigate to investments and choose the Atal Pension Yojana.
  • Step 3: Download and complete the Atal Pension Yojana form with the required document attachments.
  • Step 4: Submit it online through the internet banking portal, and your Atal Pension Yojana ICICI Bank will be activated within a day.

There is also another method that you could do this procedure, and that is an offline procedure. You will have to visit the branch of ICICI Bank.

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