SBI Atal Pension Yojana

SBI Atal Pension Yojana (APY) is a pension scheme offered by the State Bank of India (SBI) for Indian citizens and senior citizens, particularly those working in the unorganized sector. It is a government-sponsored program administered by the Pension Fund Regulatory & Development Authority (PFRDA). Find out how SBI Atal Pension Yojana provides a secure investment plan for monthly pension investment.

To access Atal Pension Yojana SBI online, log in to SBI's internet or mobile banking and select the Atal Pension Yojana account under investments and savings. You can also check the balance using this method.

State Bank of India APY Overview

Based on the selected pension amount, individuals will be eligible to receive a monthly pension after the age of 60. The pension options include ₹1000, ₹2000, ₹3000, ₹4000, and ₹5000, and to qualify for this, a fixed monthly contribution is required until the age of 60.

In the event of the subscriber's death during the pension period, the spouse will continue to receive the pension, and the nominee will receive the accumulated corpus after the spouse's passing.

To promote national financial inclusion, the government contributes 50% of members' contributions or ₹1,000 over five years to increase the value of the corpus. Thus, SBI provides an option to open an account under this scheme and manage it by making monthly APY contributions through your bank account. Once you turn 60 and become eligible for government benefits, you can also receive monthly pension payments in your SBI bank account.

Are you looking for a personal loan?

Features of the SBI Atal Pension Yojana

The SBI Atal Pension Yojana (APY) offers a range of features designed to provide a secure and guaranteed pension to subscribers.

  • Eligibility Criteria: The SBI Atal Pension Yojana is available to Indian citizens aged 18 to 40, with a requirement for those aged 40 to contribute for at least 20 years to be eligible for a pension at 60.
  • Target Beneficiaries: The scheme is intended for non-taxpayers and individuals who have not enrolled in any social security program/savings investment, ensuring that workers without such benefits can receive pensions.
  • Contribution and Growth: The fund's value experiences significant growth in the initial five years due to substantial government contributions. Participants in the Swavalamban scheme will be automatically transferred to the Atal Pension Yojana, creating a unified national pension program.
  • Guaranteed Monthly Pension: To qualify for a guaranteed monthly pension ranging from ₹1000 to ₹5000, individuals must make regular contributions and manage their financial commitments. The SBI Atal Pension Yojana offers individuals the flexibility to choose their pension amount based on their monthly contributions.

Steps to Apply For SBI Atal Pension Yojana Online

To apply for the Atal Pension Yojana online through SBI, follow these steps:

  • Step 1: Ensure that you have internet banking with SBI.
  • Step 2: Upon successful registration, you will receive a confirmation SMS and email, along with a generated PRAN number for future reference.
  • Step 3: Go to the 'Social Security Schemes' section under 'My Accounts.'
  • Step 4: Select the Atal Pension Yojana form from the drop-down menu and click 'Submit.'
  • Step 5: Fill in the required information online, including the premium contribution which will be automatically selected based on your birth date. You can also provide your email address, nominee details, and permanent address. Opt for SMS alerts to receive information about your contributions.
  • Step 6: A standing order for a monthly balance transfer from your account to the Atal Pension Yojana will be set up automatically.
  • Step 7: After submitting the APY form online, you can get an acknowledgment from the status menu.
  • Step 8: The PRAN number and accounts for the Atal Pension Yojana are maintained by PFRDA. Currently, the APY account balance is not accessible online and must be obtained through a branch.
  • Step 9: If needed, changes to the premium sum contributions can be made by filling out the Atal Pension Yojana SBI Form available online or at the branch.

Not sure of your credit score? Check it out for free now!

Check Your Credit Score for Free

Also get a Free Credit Report

Eligibility Criteria for SBI Atal Pension Yojana

Here are the eligibility criteria for the SBI Atal Pension Yojana:

  • The applicant must be between 18 and 40 years of age.
  • The applicant should have an active SBI bank account to facilitate monthly transactions, and the account must be KYC-compliant.
  • The applicant should provide their Aadhaar and mobile number to the bank during registration to receive updates on their APY account. Aadhaar is necessary for enrollment.

Benefits of SBI Atal Pension Yojana

The SBI Atal Pension Yojana (APY) presents a variety of benefits aimed at ensuring financial security and stability for subscribers during their retirement years.

  • Instant online account opening without the need to visit a post office or branch
  • Various banking options including phone and internet banking for convenient account access
  • Ability to check balance and manage the account from anywhere using a phone, desktop, or other devices
  • Convenient funding of the Atal Pension Yojana account directly from a State Bank of India account

SBI Atal Pension Yojana Calculator

The Atal Pension Yojana Calculator is a convenient online tool used to easily determine the actual interest an account holder will receive after retirement. This calculator can assist in:

18 Yr 39 Yr
1000 5000
Monthly Investment  :  ₹76
Investment Duration :  35 Yrs
Total Amount :  ₹31,920

Here are the steps to use the RD (Recurring Deposit) calculator:

  • Calculating the pension amount that will be received at the retirement age.
  • Understanding the ideal age for an individual to start investing in the scheme to achieve the desired savings.
  • Determining the amount of interest an individual should have earned on the pension.
  • Providing quick and accurate calculations compared to manual methods.
  • Helping in planning financial goals by knowing the future receivable amount in advance.

Do you need an instant loan?

SBI Atal Pension Yojana Contribution Chart

The amount of pension in the SBI Atal Pension Yojana is determined by two primary factors:

1. The age at which the investor begins the scheme.

2. The monthly pension contribution they are willing to make.

The table below provides a breakdown of the monthly contributions required at various age levels to achieve the desired pension amount after reaching the age of 60.

Fixed Pension amount ₹1,000 ₹2,000 ₹3.000 ₹4,000 ₹5,000
Returns after Retirement ₹1.7 lakhs ₹3.4 lakhs ₹5.1 lakhs ₹6.8 lakhs ₹8.5 lakhs

Let’s further understand how the returns apply with each contributing Fixed pension amount against age.

Entry Age Remaining Investment Tenure Per Month Contribution for ₹1000
fixed Pension amount
Per Month Contribution for ₹2000
fixed Pension amount
Per Month Contribution for ₹3000
fixed Pension amount
Per Month Contribution for ₹4000
fixed Pension amount
Per Month Contribution for ₹5000
fixed Pension amount
18 years 42 years ₹42 ₹84 ₹126 ₹168 ₹210
19 years 41 years ₹46 ₹92 ₹138 ₹183 ₹228
20 years 40 years ₹50 ₹100 ₹150 ₹198 ₹248
21 years 39 years ₹54 ₹108 ₹162 ₹215 ₹269
22 years 38 years ₹59 ₹117 ₹177 ₹234 ₹292

Read More

Read Less

Do you need an Emergency loan?

You can check out more on the Atal Pension Yojana Scheme from the links provided in the table below:

Atal Pension Yojana Statement APY Balance Check
APY PRAN number search Atal Pension Yojana Chart
Atal Pension Yojana Exit Policy NPS Vs APY

Frequently Asked Questions

The Atal Pension Yojana (APY) is a pension scheme offered by the State Bank of India, aimed at providing a guaranteed minimum pension to subscribers.

Any Indian citizen aged between 18 and 40 years can subscribe to the SBI Atal Pension Yojana.

You can open an SBI APY account by visiting your nearest SBI branch and submitting the required documents along with the filled application form.

No, NRIs (Non-Resident Indians) are not eligible to join the Atal Pension Yojana.

The benefits of opening an APY account with SBI include a guaranteed minimum pension, contribution flexibility, and government co-contribution for eligible subscribers.

Yes, the pension received under APY is taxable as per the income tax laws of India.

You can check your APY account balance online in SBI by logging into your internet banking account or through the SBI mobile banking app.

Display of trademarks, trade names, logos, and other subject matters of Intellectual Property displayed on this website belongs to their respective intellectual property owners & is not owned by Bvalue Services Pvt. Ltd. Display of such Intellectual Property and related product information does not imply Bvalue Services Pvt. Ltd company’s partnership with the owner of the Intellectual Property or proprietor of such products.

Please read the Terms & Conditions carefully as deemed & proceed at your own discretion.