Apy | South Indian Bank

Secure Your Retirement with South Indian Bank and Atal Pension Yojana (APY)

South Indian Bank, in partnership with the Government of India’s Atal Pension Yojana (APY), offers a simple, reliable, and affordable pension scheme designed for unorganised sector workers and individuals seeking financial security post-retirement. APY ensures regular monthly pensions to subscribers and their families, empowering them with financial independence during their retirement years.

Why Choose South Indian Bank?

Choosing South Indian Bank for Atal Pension Yojana (APY) ensures a smooth and reliable experience. The bank offers a hassle-free enrollment process, allowing customers to apply through convenient branch visits or digital channels. With a strong legacy of serving millions of satisfied customers, South Indian Bank stands as a trusted partner for your financial needs. Its transparent and customer- centric approach guarantees seamless pension contributions, making your journey toward retirement planning stress-free and efficient.

Here are the benefits of Atal Pension Yojana (APY):

Guaranteed Monthly Pension – Pick a pension plan that pays you Rs. 1,000/- to Rs. 5,000/- each month post-retirement (age 60)
Affordable Contributions- Begin with just Rs. 42/- a month, depending on your chosen pension plan and entry age
Nominee Facility- Nominate your spouse or a family member to protect your loved one's future.
Spouse Pension Benefit – The spouse keeps getting the guaranteed pension even after the subscriber passes away.
Nominee Payout – When both you and your spouse are gone, your nominee will get the saved-up pension money anywhere from Rs. 1.70 lakh to Rs. 8.50 lakh.
Tax Benefits- Get tax cuts under Section 80CCD(1B) of the Income Tax Act.
Family Wide Access – Both husband and wife, plus eligible family members, can open their own APY accounts to get the most pension benefits for the whole family.
Income Taxpayer Clause – From October 1, 2022, people who pay or have paid income tax under the Income-tax Act 1961, can't open a new APY account.

To enroll in the Atal Pension Yojana, individuals must meet the following eligibility criteria:

Age requirement- Applicants must be between 18 and 40 years of age
Bank account- A savings account/post office account with a participating bank is mandatory
Contribution period- Subscribers must contribute for at least 20 years to be eligible for pension benefits
Employment sector- Primarily aimed at individuals working in the unorganised sector, but anyone meeting the criteria can apply
Nationality- Only Indian citizens can participate in APY

To apply for APY, the following documents are needed:

Identity proof	Aadhaar card, PAN card, Voter ID, or any Government-issued ID
Address proof	Aadhaar card, Passport, Utility bill, or any valid address document
Bank account details	Active savings account with a participating bank
Mobile number	For account updates and notifications
Aadhaar details of the nominee	To ensure the smooth transfer of benefits

Ensure all documents are submitted during the application process for hassle-free enrollment in APY.

Forms:

Apy forms	APY Subscriber Registration Form APY Subscriber Registration Form for Existing Swavalamban Subscribers APY Shifting Form APY Modification Form APY Pension Amount Upgrade & Downgrade Form APY Voluntary Exit Form APY Death & APY Continuation Form
Related docs	APY FAQs-English APY FAQs-Hindi APY Information Brochure- English APY Information Brochure- Hindi APY Information Brochure- Malayalam APY Pension Chart

Account opening- Ensure you have a savings account with South Indian Bank
Fill enrollment form- Complete the APY enrollment form available at branches or online
Submit documents- Provide your Aadhaar card and a mobile number for registration
Select pension plan- Choose your desired pension amount and contribution period
Enable auto-debit- Contributions will be automatically debited from your account

Applicants to provide their Aadhaar number and mobile number to the bank during registration to receive periodic updates on their APY account. However, providing Aadhaar is not mandatory for enrollment.

Withdrawal at age 60	Subscribers can request their guaranteed or higher monthly pension upon reaching 60 years. In case of the subscriber's death, the spouse receives the same pension, and upon the death of both, the nominee receives the accumulated corpus.
Death after age 60	The spouse continues to receive the pension, and on the death of both subscriber and spouse, the nominee gets the accumulated pension wealth.
Exit before age 60	Subscribers exiting early receive only their contributions and the accrued income after deducting charges. Government co-contributions and income from them are not refunded.
Death before age 60	The spouse can either continue the contributions and receive the same pension after age 60 or opt for the entire accumulated corpus to be returned.