PFRDA gives relief to Atal Pension Yojana pension subscribers. Details inside

Pension Fund Regulatory and Development Authority (PFRDA) in a recent circular has asked Atal Pension Yojana (APY) Points of Presence (POPs) to prominently display the APY citizen charter at branches. The move is aimed making sure that APY beneficiaries are properly aware of rules and guidelines of the pension scheme.

The circular states that it was observed that subscribers had raised APY-related queries owing to lack of services at the branches of PoPs. This charter will include information such as opening of APY account, updating subscriber’s details, upgrade or downgrade of pension amount, withdrawal from APY, getting forms etc. at the branches of PoPs such as banks.

Atal Pension Yojana (APY), a pension scheme for citizens of India, is focused on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

Who can subscribe to APY?

Any Citizen of India can join APY scheme. However, the age of the subscriber should be between 18 – 40 years. He / She should have a savings bank account/ post office savings bank account

The prospective applicant may provide Aadhaar and mobile number to the bank during registration to facilitate receipt of periodic updates on APY account. However, Aadhaar is not mandatory for enrolment.

What is the procedure for opening APY Account?

  • Approach the bank branch/post office where individual’s savings bank account is held or open a savings account if the subscriber doesn’t have one.
  • Provide the Bank A/c number/ Post office savings bank account number and with the help of the Bank staff, fill up the APY registration form.
  • Provide Aadhaar / Mobile Number. This is not mandatory, but may be provided to facilitate the communication regarding contribution.
  • Ensure keeping the required balance in the savings bank account/ post office savings bank account for transfer of monthly / quarterly / half yearly contribution

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Author: Sham