Atal Pension Yojana: APY account holders alert! PFRDA has good news for you
Atal Pension Yojana: In its endeavor to make the Atal Pension Yojana (APY) attractive and to benefit 2.28 Crore subscribers enrolled under the scheme, the Pension Fund Regulatory and Development Authority (PFRDA) has asked all banks to process upgrade or downgrade of pension amount requests of APY subscribers throughout the year with effect from 1st July 2020. However, the PFRDA made it clear that an APY account holder can avail this facility once in a financial year.
Increase or decrease APY pension
This arrangement will enable the APY subscribers to increase or decrease their pension plans as per their changed income levels and capacity to pay APY contributions, which is very important to continue contributions in the scheme till 60 years. Earlier this facility was available only during the month of April of every year. Photo: PTI
Auto debit of APY contribution begins fron 1st July
Apart from the above, from 1st of July, 2020 auto-debit of APY contributions has also started, which was stopped till 30th June, 2020 due to PFRDA’s circular issued on 11th April, 2020 for providing relief to the APY subscribers from out-break of Covid-19. As per current arrangements, if all the pending APY contributions due between April-August, 2020 get auto-debited from the Savings account of the subscribers, latest by 30th September, 2020; then no penal-interest would be charged to them. Photo: Pixabay
PFRDA presses for digital utilities
Further, in order to enable subscribers to follow social-distancing norms and promote digital utilities PFRDA has also sent one communication to all Banks describing usage and ways to access digital utilities for few functionalities available online for facilitating APY subscribers to access their APY accounts and get various forms without visiting their Bank branch. Photo: PTI
Digital functionalities
These functionalities include downloading Upgrade or downgrade form, PRAN Card Printing, View or download of APY e-PRAN with complete subscriber’s details, Transaction Statement, APY Subscriber Information Brochure and Subscriber Details Modification Form. Photo: PTI
Online grievance register facility
Subscriber’s can also lodge their grievances at Central Grievances Management System (CGMS), download of Mobile Application, access to Youtube videos on APY Ki Pathshala. The information on these features is expected to benefit APY subscribers and empower them to carry out APY related activities smoothly. Photo: PTI
APY enrolment during April-June 2020
More than 5 lakh new subscribers have been enrolled under APY in first quarter of the FY 2020-21 out of which around 4 lac subscribers joined APY in the month of June, 2020. Photo: PTI