To ensure better transparency and address the information gap, the 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.
To ensure better transparency and address the information gap, the 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 latest decision will ensure that APY beneficiaries are properly aware of rules and guidelines of the pension scheme.
PFRDA issued a circular saying that it was 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.
For those unaware, the scheme is focused on the unorganised sector workers and ensures guaranteed minimum pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000 per month.
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.
How to open APY account?
Go to the bank where your savings bank account is held or open a savings account if you don’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.
