New Delhi, Business Desk. The Pension Fund Regulatory and Development Authority has banned the auto debit facility for beneficiaries of the Antal Pension Scheme till June 30. If you are also investing in this scheme, then put the necessary amount in your account before July 1, which cuts the installment of your Atal Pension Yojana. Banks will resume auto-debating contributions from the accounts of Atal Pension Yojana (APY) customers from 1 July 2020.
In April, PFRDA announced that auto-debits from bank accounts of APY customers would be withheld until June 30, 2020. PFRDA said, majority of the pension scheme members were from lower strata of the society. They suffered the most during the lockdown enforced by the coronaviruses.
The new PFRDA also states that if the customer’s pension plan account is regularized before September 30, 2020, interest will not be charged. Fines are usually charged by banks for delayed contributions.
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According to the official APY website, these are punitive fees for late contributions:
- Rs 1 per month for contributions up to Rs 100 per month
- Rs 2 per month for contribution between Rs 101 and Rs 500
- Rs 5 per month for contributions between Rs 501 and Rs 1,000
- Rs 10 per month for contributions above Rs 1,001
What is Atal Pension Yojana?
Atal Pension Yojana is a scheme launched by the Government of India to provide pension benefits to citizens working in the unorganized sector. Any Indian citizen who is between 18 years to 40 years of age can invest in the scheme. A bank account is mandatory to contribute to the scheme. Under the pension scheme, a citizen is guaranteed a minimum monthly pension between Rs 1,000 and Rs 5,000.
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