The Pension Fund Regulatory and Development Authority (PFRDA) has recently notified that it has expanded the avenues for opening Atal Pension Yojana (APY) accounts with three new central record-keeping agencies (CRAs). In a May 3, 2024 circular, PFRDA said it would allow the Point of Presence (PoP) registered with the authority to choose one or multiple CRAs to service their APY subscribers. Before this, only one CRA – Protean eGov Technologies Pvt Ltd – was responsible for opening and maintaining APY accounts.
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The recent PFRDA circular stated CAMS and KFin Technologies have been enlisted as viable options for subscribers to choose from. Under the new framework, APY subscribers can select their preferred CRA among CAMS, KFin, and Protean eGov Technologies for the initiation and upkeep of their accounts.
The PFRDA circular said: “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 the option of having multiple CRAs for servicing the APY subscribers.”
The Central Recordkeeping Agency (CRA) manages recordkeeping, administration, and customer support for all National Pension System (NPS) intermediaries. It acts as the operational interface, ensuring centralized services for a seamless experience in managing NPS accounts.
The Centre launched the APY scheme in 2015 to provide financial security to workers in the unorganised sector. PFRDA manages both the APY and the National Pension System (NPS) schemes.
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Under NPS scheme, subscribers can select any one of the three CRAs (Protean, CAMS, and KFin Tech). Now, APY subscribers can also do the same. Now, PoPs and the subscribers will be able to access the other three CRAs for APY-related services.
The fee structure as per the circular is as follows:
| Charge Head | Protean CRA | Kfintech CRA | CAMS CRA |
| PRA Opening (One Time) | Rs.15/- | Rs.15/- | Rs.15/- |
| PRA Maintenance (Per Annum) | Rs.20/- | Rs.14.40/- | Rs.16.25/- |
| Per Transaction (Financial/Non-Financial) | NIL | NIL | NIL |
Source: PFRDA circular
Besides this, PFRDA said POPs, which are banks and post offices, can select all three CRAs. Likewise, APY subscribers can select the CRA that suits them best.
It also allowed existing and new APY subscribers to port from one CRA to another available with the respective PoP.
The PoPs with the CRA are responsible for timely data processing and sharing with the stakeholders and making the information regarding APY such as charges, etc., available on their respective websites to keep subscribers informed.
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APY Scheme
APY Scheme, launched by the NDA government, is open to all citizens of India who:
> Are in the age bracket of 18-40 years.
> Subscribers should have a savings bank account/ post office savings bank account.
Under the scheme, subscribers are assured a minimum guaranteed pension starting from Rs 1,000 per month, depending on their chosen contribution levels, upon reaching the age of 60.
As per the NPS Trust website, there are some 5.55 crore APY subscribers as of March 31, 2024.
From October, 1, 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.
