The government of India keeps on introducing new schemes and plans for the welfare of the people. Therefore, to benefit the unorganized sector of India, the Indian government launched Atal Pension Yojana in 2015-2016. It is regulated and managed by the Pension Funds Regulatory Authority of India. Continue reading to know more about it! 

How Does Atal Pension Yojana Work? 

The State Bank of India allows individuals to pay premiums every month and get a regular monthly income after they cross the age of 60 years. Therefore, saving in Atal Pension Yojana Work is simple and easy for everyone. In this scheme, beneficiaries of the Atal Pension Yojana get monthly payments from the accumulated fund. In case of the demise of beneficiaries, the spouse will continue to get pension benefits. However, after the death of both beneficiaries, the nominee will be paid the amount in a lump sum. 

Features and Benefits of Atal Pension Yojana 

Below mentioned are some of the reasons why you should consider investing in SBI’s Atal Pension Yojana. 

• Get a guaranteed minimum pension amount after the age of 60 years depending on the denomination value you have chosen. 
• An individual has the flexibility to choose the monthly amount from Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or Rs. 5000 according to their preference. 
• Labour sector employees can invest in the Atal Pension Yojana plan to get regular monthly pensions. Moreover, taxpayers and individuals who are not members of any social security programme are eligible for this scheme. 
• Get a significant return on investment in the first five years since the government contributes a large sum of funds. 
• It is a single national pension scheme under which former Swavalamban plan owners transferred to the Atal Pension Yojana.

Consequences of not keeping adequate funds in a Savings account for a contribution on the due date

To avoid paying interest for delayed contributions, it is necessary to maintain the balance in a savings bank account. Therefore, the failure of keeping the required balance in the bank account will be considered non-payment and an individual would have to contribute in a subsequent month along with delayed interest charges. As a fine for not maintaining adequate funds in the savings account the bank will charge interest of Rs. 1 per month for the contribution of Rs. 100. However, the interest collected would be a part of your pension funds throughout the policy period. 

The process to Create an SBI Atal Pension Yojana Plan Online

The steps to open an online SBI Atal Pension Yojana account are as follows:

• You must have online banking with SBI to enjoy the benefits of the Atal Pension Yojana Scheme. Register and confirm your account details via SMS or email. Therefore, the PRAN number will be created and used as a reference number. 
• Choose Social Security Schemes’ from the ‘My Account section. 
• From the drop-down option, select the Atal Pension Yojana, then click ‘Submit’. 
• Enter the required information such as email address, nominee name, permanent address, and more. 
• Once the APY form has been submitted online, it can be accessed from the status option.

Conclusion 

It’s easy and convenient to apply online for SBI Atal Pension Yojana through the online portal of The State Bank of India. However, in case you encounter any problem during the process, you can contact the customer service of InsuranceDekho. This is the best pension scheme provided by the government of India to secure the old age of people. 

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