The State Bank of India lets one register for the Atal Pension Yojana, which offers the subscriber a pension each month after they turn 60. The subscriber would have to pay a specific amount every month until they cross the age of 60.
What is the Atal Pension Yojana SBI?
According to the pension amount that has been chosen, the enrolled person will qualify to get a monthly pension, which will be received after the age of 60. The pension denomination will be available in Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, and Rs. 5000, and to be eligible for this, you will have to pay a fixed sum on a monthly basis into the fund until the age of 60.
When there is an unfortunate event of death during the pension period, the spouse will continue to get a pension, and the nominee will get the accrued corpus after the spouse's death.
To achieve national financial inclusion goals, the government will donate 50% of members' contributions, or Rs.1,000, over a five-year term to add monetary value to the corpus.
SBI allows you to register an account under this scheme and administer it by making monthly APY contributions to the fund from your bank account. You can also receive monthly pension payments into your SBI bank account once you reach the age of 60 and become eligible for government benefits.
Characteristics of the SBI Atal Pension Yojana
- All Indian citizens between the ages of 18 and 40 will be eligible. However, if the person is 40 years old - they need to contribute for at least a tenure of 20 years in order to be eligible for a pension after 60 years.
- Non-taxpayers and people who are not enrolled in any social security program are eligible for the Atal Pension Yojana - which ensures that the purpose of giving pensions to workers is met.
- The fund's value grows during the first five years since the government contributes a big sum to it.
- Participants in the Swavalamban scheme will be transferred to the Atal Pension Yojana, which ensures a single national pension program.
- Persons must pay a monthly fee to be eligible for a guaranteed monthly pension payout ranging from Rs. 1000 to Rs. 5000 and to be able to manage their financial commitments.
- Another significant advantage of the Atal Pension Yojana SBI is that an individual can simply choose their pension sum based on the monthly contribution indicated.
Atal Pension Yojana Online Apply SBI
Here is the step-by-step process for SBI Atal Pension Yojana online Apply:
- Step 1: To use the Atal Pension Yojana advantages, you must first have internet banking with SBI. On successful registration - you would get a confirmation SMS and an email. The PRAN number will be generated and used as a reference number in the future.
- Step 2: Select 'Social Security Schemes' from the 'my Accounts' section.
- Step 3: Select the Atal Pension Yojana form from the drop-down option and then click 'Submit.'
- Step 4: Provide the information online. The premium contribution would be selected automatically based on the birth date. You can also provide the email address, nominee, and permanent address. Select the SMS alert to get data about the amount contributed. A standing order for the monthly balance transfer from the account to the Atal Pension Yojana will be created automatically.
- Step 5: After submitting the APY form online, an acknowledgement can be retrieved from the status menu.
The PFRDA maintains the PRAN number and accounts for the Atal Pension Yojana. For the time being, the APY account balance cannot be accessible online and must be obtained through a branch. The premium sum in contributions can be changed by filling out the Atal Pension Yojana SBI Form available online or at the branch.
Atal Pension Yojana SBI Login
Here are the steps that you will have to follow in order to Atal Pension Yojana SBI Online login:
- Step 1: You will have to log in to the internet banking or the mobile banking of State Bank of India.
- Step 2: You can now go to the section of investments and saving and choose the Atal Pension Yojana account.
- Step 3: You can also use it for the Atal Pension Yojana SBI Balance Check.
Atal Pension Yojana Benefits SBI
There are several benefits of opening an Atal Pension Yojana account from the State Bank of India, and some of the major ones are:
- You can do it instantly online, without having to go to a post office or more directly.
- The State Bank of India would also give you various options, such as phone and internet banking, so you can use the phone, the desktop, and other gadgets.
- The online option will also allow you to check your balance or log in to the Atal Pension Yojana account from anywhere.
- It is a simple process; you can fund the account directly from your State Bank of India account.