Atal Pension Yojana: All you want to know about enrolment in brief

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Updated: August 23, 2016 8:10:12 AM

In order to simplify enrolment in Atal Pension Yojana (APY), an internet-based subscriber registration mode has been set up by Pension Fund Regulatory and Development Authority for those applicants who have net-banking accounts.

Banks can enrol such applicants in APY through their net banking platforms by capturing the information on online application form. Two major banks – SBI and ICICI Bank – have implemented the net banking mode of opening APY accounts. APY registration will be available to the subscriber on the bank's web page. (Source: Reuters)Banks can enrol such applicants in APY through their net banking platforms by capturing the information on online application form. Two major banks – SBI and ICICI Bank – have implemented the net banking mode of opening APY accounts. APY registration will be available to the subscriber on the bank’s web page. (Source: Reuters)

In order to simplify enrolment in Atal Pension Yojana (APY), an internet-based subscriber registration mode has been set up by Pension Fund Regulatory and Development Authority for those applicants who have net-banking accounts.

APY is open to all citizens in the age group of 18 to 40 years with a minimum guaranteed pension of R1,000 to 5,000 depending on the amount of contribution. So far 31.85 lakh subscribers have been registered under the scheme, which was launched last year.

Banks can enrol such applicants in APY through their net banking platforms by capturing the information on online application form. Two major banks – SBI and ICICI Bank – have implemented the net banking mode of opening APY accounts. APY registration will be available to the subscriber on the bank’s web page.

Most of the registration details like name, address, bank account number will be auto-fetched directly from the core banking system. The subscriber will have to enter mandatory details like name of spouse, nominee.

The subscriber will indicate whether he is beneficiary of social security scheme, whether income tax payer. He will also have to provide the pension details such as frequency of contribution, and pension amount.

Once the pension details are provided, the system will display the contribution amount to be paid by the subscriber and the frequency. The subscriber will accept the declaration of contribution directly from his savings bank account.

The Permanent Retirement Account Number (PRAN) will be fetched from the online PRAN library available in APY module. The PRAN allotted will be displayed to the subscriber and an acknowledgment will be generated.

The subscriber will have to download or print the acknowledgment for future reference.

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