What PFRDA Master Circular State?
“To increase reach and simplify the subscription process, Proteus E-Governance Technologies‘ Central Recordkeeping Agency (PCRA) has introduced EAPY, This digital facility uses Aadhaar eKYC/XML/Virtual ID, providing an additional option for seamless digital enrolment, lead generation mode that can be used by well-wishers (someone knowing the customer) or individuals who Who are not able to contact. Proper channel for opening APY account and online facility for transferring Swavalamban customers to APY. This eliminates the need to visit the bank branch, saves time, effort, cost and provides significant convenience.”
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How to register for eAPY
The EAPY service comes at no cost, and there are no additional fees associated with its use. Potential APY customers can register through PCRA Portal Or “APY & NPS Lite” mobile app by using the following methods:
- Offline XML-Based Aadhaar KYC
- Online Aadhaar-Based eKYC
- virtual id
Key Considerations for EAPY Registration
- During EAPY registration, ensure that your details match the bank records.
- Make sure that your savings account has sufficient balance for the first APY payment depending on your chosen pension amount (Rs. 1000 – Rs. 5000).
- Your APY account will be activated after verification of your Aadhaar information including name and date of birth.
If your online registration is rejected, PoPs-APY will inform you of the reasons and suggest corrections before resubmission.
Atal Pension Yojana pension amount
APY offers a fixed minimum pension ranging from Rs 1,000 to Rs 5,000 per month. Upon enrolment, subscribers must select their desired monthly pension amount from the options of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000.
Eligibility for Atal Pension Yojana Scheme
To be eligible for the APY scheme, individuals must be a non-tax paying Indian citizen between the age of 18 to 40 years, with the minimum age being 18 years. Recent government amendments, effective from October 1, 2022, bar income taxpayers from opening APY accounts.
According to NPS Trust WebsiteIf a person joins the APY scheme on or after October 1, 2022, and later finds that they were an income taxpayer before the application date, their APY account will be closed. They will receive the money accumulated in their account till the closing date.
Opening APY Account through Net Banking
For those interested in opening an APY account using net banking facilities, institutions like ICICI Bank offer a simple process. follow these steps:
- Login to ICICIBank.com
- Go to Customer Service and select “Service Request”.
- Click on “Nomination for Atal Pension Yojana” under “Bank Accounts” section.
- Fill the required details and submit. APY account will be activated within one working day.
Atal Pension Yojana – Frequently Asked Questions Answered
When is the due date of contribution for APY?
APY contribution will be automatically debited from the customer’s savings bank account or post office savings bank account. For monthly contributions, it can be on any day of the particular month. For quarterly contribution, it is any day of the first month of the quarter, and for half-yearly contribution, it is any day of the first month of half-year.
What happens if you delay your APY contributions?
If your APY contribution is late, you will be charged overdue interest.
How are contributions invested in APY?
Contributions are invested as per the investment guidelines prescribed by PFRDA for various schemes including APY. These funds are managed by entities like SBI Pension Fund Private Limited. Ltd., LIC Pension Fund Ltd., and UTI Retirement Solutions Ltd.
