Personal Finance

Atal Pension Yojana account: Now you can open APY account at 3 CRAs



The Pension Fund Regulatory and Development Authority (PFRDA) has extended the option to open an Atal Pension Yojana (APY) account with any of the three Central Recordkeeping Agencies (CRAs). Previously, only one CRA – Protean eGov Technologies Pvt Ltd – was responsible for opening and maintaining an APY account. According to the PFRDA circular issued on May 3, 2024, CAMS and KFin Technologies Ltd. can now also be used to open an APY account.

Latest charges for opening, maintaining Atal Pension Yojana (APY) account

“In order to bring in competition and allowing a level playing field to the CRAs registered with PFRDA, it has been decided to allow the Point of Presence (PoP) registered with the Authority to choose a CRA of their choice including option of having multiple CRAs for servicing the APY subscribers,” stated the PFRDA circular.

This means an APY subscriber can choose from CAMS, KFin and Protean eGov Technologies to open and maintain their account.

The circular further stated, “The said choice of CRA to the PoP shall be optional. Also, a APY subscriber can opt for choosing a CRA from the CRAs available with the PoP. Further, portability for choosing a CRA within the subscriber’s PoP is allowed for both existing as well as new APY subscribers. The contact details of CRAs are mentioned at Annexure for better coordination.”

Role of CRA

The Central Recordkeeping Agency (CRA) serves as an operational interface for all intermediaries and is in charge of the centralised recordkeeping, administration, and customer support responsibilities for all NPS & APY subscribers under the NPS architecture.

What is Atal Pension Yojana?

Atal Pension Yojana (APY), a pension scheme launched by Government of India is focused on the unorganized sector workers. Under the APY, minimum guaranteed pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will start after attaining the age of 60 years depending on the contributions by the subscribers for their chosen pension amount.What is the due date for contribution under APY?
APY contributions will be collected through auto-debit of their savings bank account/ post office savings bank account on any date of the particular month, in case of monthly contributions or any day of the first month of the quarter, in case of quarterly contributions or any day of the first month of the half year, in case of half-yearly contributions.

Who can subscribe to APY?
APY is open to all citizens of India who fulfil the following eligibility criteria: –
The age of an individual should be between 18 and 40 years.
He / She should have a savings bank account/ post office savings bank account.
From 1st October, 2022, any Indian citizen who is or has been an income-tax payer under the Income-tax Act, 1961, as on the date of application will not be eligible to open a new APY account.

Whether Aadhaar Number is compulsory for joining the scheme?
Atal Pension Yojana (APY) has now been included under the Section 7 of the Aadhaar Act. As per the provisions of the Act, any individual who is eligible to receive such benefits under the APY will have to furnish proof of possession of Aadhaar number or undergo enrolment under Aadhaar authentication. Hence, it is desirable (not mandatory) to provide Aadhaar Number for proper identification of the subscriber at the time of enrolment. However, Aadhar details are to be submitted in due course of time, if not submitted at the time of enrolment.



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