Atal Pension Yojana SBI

• Team Antworks

Based on the pension amount chosen, the enrolled person qualifies to get a monthly pension after the age of 60 years. The pension denomination amounts available are Rs.1,000, 2,000, 3,000, 4,000 and 5,000. To be eligible for this scheme, the enrollee is required to pay a fixed sum on a monthly basis into the fund until the age of 60 years. If the member dies during the pension period, their spouse continues receiving a pension and the nominee receives the accrued corpus after the death of the spouse. In order to fulfill national objectives of financial inclusion, the government will co-contribute 50 percent of the member’s contribution or Rs.1,000 for a continuous period of 5 years to add monetary value to the corpus.

Features and Benefits of SBI Atal Pension Yojana

• Open to all Indian citizens between the age band of 18-40 years. Assuming a situation where the age of the subscriber is 40 years, at least 20 years of contribution from the user is required to be eligible for a pension after 60 years.
• The subscriber has to pay a nominal amount per month which makes them eligible for a guaranteed monthly pension amount ranging from Rs.1,000 to Rs.5,000 to that helps in managing the financial obligations of life after retirement to a certain extent.
• The APY is available to non-taxpayers and persons who are not a member of any other social security scheme to ensure the objectives to provide pension to the labor class workers are met.
• Under SBI Atal Pension Yojana scheme, the subscriber is free to choose a pension amount of his choice on the basis of which the monthly contribution is determined.
• All existing members of the now-defunct Swavalamban scheme will be migrated to the APY to ensure a single national pension scheme.
• The value of the fund is enhanced during the first five years since the government proactively contributes a significant amount to the corpus.

Refer to the table below to understand the estimated contribution per month at different ages.

Age	Number of years you’re required to contribute	Pension of Rs.1,000 per month	Pension of Rs.2,000 per month	Pension of 3,000 per month	Pension of 4,000 per month	Pension of Rs 5,000 per month
18 years	42 years	Rs 42	Rs 84	Rs 126	Rs 168	Rs 210
19 years	41 years	Rs 46	Rs 92	Rs 138	Rs 183	Rs 228
20 years	40 years	Rs 50	Rs 100	Rs 150	Rs 198	Rs 248
21 years	39 years	Rs 54	Rs 108	Rs 162	Rs 215	Rs 269
22 years	38 years	Rs 59	Rs 117	Rs 177	Rs 234	Rs 292
23 years	37 years	Rs 64	Rs 127	Rs 192	Rs 254	Rs 318
24 years	36 years	Rs 70	Rs 139	Rs 208	Rs 277	Rs 346
25 years	35 years	Rs 76	Rs 151	Rs 226	Rs 301	Rs 376
26 years	34 years	Rs 82	Rs 164	Rs 246	Rs 327	Rs 409
27 years	33 years	Rs 90	Rs 178	Rs 268	Rs 356	Rs 446
28 years	32 years	Rs 97	Rs 194	Rs 292	Rs 388	Rs 485
29 years	31 years	Rs 106	Rs 212	Rs 318	Rs 423	Rs 529
30 years	30 years	Rs 116	Rs 231	Rs 347	Rs 462	Rs 577
31 years	29 years	Rs 126	Rs 252	Rs 379	Rs 504	Rs 630
32 years	28 years	Rs 138	Rs 276	Rs 414	Rs 551	Rs 689
33 years	27 years	Rs 151	Rs 302	Rs 453	Rs 602	Rs 752
34 years	26 years	Rs 165	Rs 330	Rs 495	Rs 659	Rs 824
35 years	25 years	Rs 181	Rs 362	Rs 543	Rs 722	Rs 902
36 years	24 years	Rs 198	Rs 396	Rs 594	Rs 792	Rs 990
37 years	23 years	Rs 218	Rs 436	Rs 654	Rs 870	Rs 1,087
38 years	22 years	Rs 240	Rs 480	Rs 720	Rs 957	Rs 1,196
39 years	21 years	Rs 264	Rs 528	Rs 792	Rs 1,054	Rs 1,318
40 years	20 years	Rs 291	Rs 582	Rs 873	Rs 1,164	Rs 1,454

SBI Atal Pension Yojana Eligibility

• The applicant should be atleast 18 years old with an upper cap of 40 years.
• Should hold an active bank account with SBI to aid monthly transactions. The account should be KYC compliant.