Atal Pension Scheme: The Pension Fund Regulatory and Development Authority (PFRDA) has stretched the options for opening accounts under the central government Atal Pension Yojana (APY). Under the new directive, customers now have the flexibility to select from three Central Registration Agencies (CRAs) to start and maintain their APY accounts.
Read More: When Will 8th Pay Commission Be Implemented? Latest Updates Central Govt Employees Must Know
Until now, Proteus eGov Technologies was the only company responsible for being the designated CRA for APY accounts. However, CAMS and KFin Technologies are also listed as options for customers to select from, according to the recent circular.
To create competition and provide a level playing field to CRAs registered with PFRDA, it has been decided to allow a point of presence (POP) registered with the authority, The PFRDA circular stated. The decision was made to allow multiple CRAs to serve APY clients, giving them the option to select the CRA of their choice, the circular added.
Under the new framework, Atal Pension Yojna Policyholders can choose the CRA of their choice from CAMS, Kfin, and Protege eGov Technologies for the origination and maintenance of their accounts. The circular also stresses that this option is discretionary for both the Point of Presence (POP) and customers. Additionally, the circular introduced the idea of portability within a customer’s POP, enabling new and existing APY customers to switch CRAs.
Atal Pension Yojana (APY), launched by the Government of India, is intended to meet the pension needs of unorganized sector employees. Subscribers are guaranteed a minimum pension of ₹1,000 per month, beginning at the age of 60, based on the chosen contribution level.
Read More: SIP: How Rs 100 saving a day can help you gain wealth of over Rs 1 crore; get calculations
APY contributions are collected through automatic debit from customers’ savings bank accounts or post office savings bank accounts. Eligibility criteria for APY membership include persons between the ages of 18 and 40 who have a valid Savings Bank Account or Post Office Savings Bank Account.
