State Bank of India (SBI), one of the top public sector banks in India providing services to customers on with the leading private sector banks has recently come up with the option of opening Atal Pension Yojana (APY)Scheme online through their internet banking account. This is one more addition to the plethora of services offered by State Bank of India online in addition to the existing services at free of cost. In this post, we learn about opening Atal Pension Yojana (APY) account online. Atal Pension Yojana Account can be opened similar to other accounts like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Atal Pension Yojana is the scheme introduced by Government of India for the benefit of employees of unorganized sectors who are not in regular service and won’t receive pension once they reach the age of 60. Based on the monthly premium paid by the customers, pension amount will be decided. Premium amount is decided on the factors of age of entry into the scheme and pension required per month after attaining the age of 60.
Customers need to have internet banking in State Bank of India to avail this facility. Follow these steps to open account online. You will receive confirmation SMS and email registered on successful registration. PRAN number will be generated and it will serve as reference number in future.
Select Social Security Schemes in 'My Accounts' section
Select Atal Pension Yojana (APY) from drop down menu and click submit
Fill the details online. Premium contribution will be automatically selected depending on your date of birth
One can enter details like Nominee, Permanent Address and Email id on which one need alerts. Select the pension amount based on which the contribution amount will be automatically selected based on age and pension amount required. Opt for SMS alert to receive details about amount contributed every month. Even option for Standing instruction will be automatically created for the balance transfer from your account to APY account every month.
Once online APY form is submitted, acknowledgment can be downloaded from Status Menu
PRAN number and further account of APY is maintained with Pension Fund Regulatory and Development Authority (PFRDA). As of now balance of APY account cannot be accessed online and can only be accessed through branch. Change of premium amount in contribution can also be made by filling up the form available online at the respective branch.