How To Apply Online for Atal Pension Yojana On SBI?

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Updated on Sep 02, 2022

Opening Atal Pension Yojana Account Online in SBI

Atal Pension Yojana, also known as APY available with State Bank of India (SBI) is a pension plan backed by the Government of India mainly targeted at people employed at India’s unorganized sector. The scheme was implemented in the budget year of 2015-2016. With APY, the government aimed at offering pension facility to unorganized sector employees, and this scheme is regulated by Pension Funds Regulatory Authority of India (PFRDA).

To benefit from the APY, it is important for people to know how to apply for the scheme and to take advantage of the same. If you are not aware of the Atal Pension Yojana online apply SBI procedure, read on to find all about it in this blog.

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What is SBI Atal Pension Yojana?

The APY is created to serve people in need and this yojana is simple to understand for those who want to open an APY account as per the plan via SBI. The recipient of APY receives monthly payments from the fund that gets collected in their APY account as per the scheme.

Also, in the event of the death of the beneficiary of the APY pension scheme, the benefits gets transferred to the spouse. Moreover, in the event of the death of both the beneficiary and the spouse, the nominee will receive payment in lump sum.

This pension plan is available with the State Bank of India and interested people from the unorganized sector can avail the benefits of this plan by signing for the APY. First, you must enroll for the Atal Pension Yojana SBI Online. Once you enroll in this scheme, you can receive monthly income as part of the plan after you turn 60 years. Of course, if you subscribe to this plan, you will have to pay a fee every month till you turn 60.

The APY allows individuals to receive a monthly income in five varied payment options after they turn 60 years depending on the sum of pension specified in the policy. The pension amount can be in the range of one, two, three, four and five thousand rupees.

Also Read: Guaranteed return Plan

Features and Benefits of SBI Atal Pension Yojana

Here are the features of SBI Atal Pension Yojana as mentioned below  – 

  • APY can be obtained by Indian citizens only within the age group of 18 to 40.
  • If the person receiving the pension is already 40 years, he/she must make the monthly contribution for the rest 20 years to qualify for the pension amount after your turn 60 years of age.
  • The person willing to enroll in APY has to pay a monthly fee to be qualified to receive the pension amount and to get financial security.
  • Atal Pension Yojana, SBI also offer advantage to the pension owner by allowing them to opt for the pension sum as per their monthly contribution.
  • As per the scheme, those who are eligible for this plan should be non-taxpayers and should not be associated with any program of social security.
  • So, basically this program guarantees benefits for the labor class.
  • The best aspect of this scheme is that the government adds a big sum to this plan in its initial five years, which enhances the worth of the fund.
  • This plan was earlier known as Swavalamban plan, which was later changed to Atal Pension Yojana, a nationalized unified pension plan. So those who enrolled in the Swavalamban plan got their account transferred to the new APY plan.

Also Read: Why Should You Invest in a Guaranteed Return Plan?

Eligibility Criteria of SBI’s Atal Pension Yojana

Here are the guidelines of eligibility for Atal Pension Yojana SBI:

  • The first criteria is that you must be 18 years or above to apply for the plan
  • The maximum age to apply for the plan is 40 years
  • You must have an account is SBI, which should be active and can allow monthly transactions towards the plan.
  • You must also comply by the KYC process for the bank account.

Process of Opening an Online account for SBI Atal Pension Yojana 

If you want to know the SBI Atal Pension Yojana Online apply process, below are the steps to follow:

  • The interested individuals must have an active SBI bank account with online banking facility to avail the benefits of the scheme.
  • You first need to register for the scheme. Once it is done successfully, you will get a confirmation email and an SMS.
  • Later, a PRAN number or the unique Permanent Retirement Account Number would be created. This is a 12 digit number that you will be using in future for reference.
  • Now go to the ‘my Accounts’ section and choose the ‘Social Security Schemes’.
  • Once done, you can select the APY form available at the drop-down option and click on the ‘Submit’ button.

When you offer the information online, it will automatically choose a premium amount for contribution based on your birth date. Here, you can also add other information, such as email ID, permanent address, nominee details and so on. You can also opt for the option of SMS alert to obtain details about your contribution amount that would be deducted on monthly basis. You will also receive an acceptance form for the scheme from the status menu by applying for it online.

Also Read: Best Fixed-income Investment Options That Offer Guaranteed Returns

Takeback

The Atal Pension Yojana SBI, which is managed by the Pension Fund Regulatory and Development Authority (PFRDA) is a scheme funded by the government of India. This scheme is a way of getting more and more endorsers to join the scheme and get benefits out of it. The form for the registration of account and other documents for APY are generated by PFRDA.

As such, it is very important for every individual to have an insurance. Since the employees of the unorganized sector are mostly left out of the insurance benefits due to lack of knowledge and financial constraints, thus the government of India initiated the APY plan to aid such people so that they can have some financial security after retirement from their work.

Feb 25, 2022
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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