Latest charges for opening, maintaining Atal Pension Yojana (APY) account
The Pension Fund Regulatory and Development Authority (PFRDA) has issued a circular extending the facility of opening an Atal Pension Yojana (APY) account with any of the three Central Recordkeeping Agencies (CRAs). Previously, there was only one CRA—Protean eGov Technologies Pvt Ltd—for opening and maintaining an APY account. As per the circular, the APY account can now be opened with CAMS and KFin Technologies Ltd. as well.The circular emphasizes that you, as an individual, have the freedom to choose any of the three CRAs for opening and maintaining your Atal Pension Yojana account. Even existing APY account holders have the option to switch their CRA. This is because CRA portability is allowed for both existing and new APY account holders, giving you the power to manage your pension account at your convenience.
The PFRDA circular also mentions the charges the three CRAs can levy on the APY account holder for opening and maintaining the pension account.
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
The circular was issued on May 3, 2024, by PFRDA.
One thing that an APY subscriber needs to keep in mind, as per the FAQs issued by PFRA, is that “Deductions will continue to be made to your APY account for account maintenance and other related charges on a periodic basis. One needs to maintain a balance in the bank account linked with APY.”
Charges are also levied for non-payment or delayed payment of contributions.
What is Atal Pension Yojana?
The Atal Pension Yojana (APY) was introduced on June 1, 2015, to provide old-age income to every Indian Citizen from the unorganised sector. The scheme provides a defined benefit scheme and guarantees a minimum pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs 5,000 every month, depending on the monthly contribution.
The monthly contribution depends on the amount of pension the subscriber wants from the age of 60 and the subscriber's age at the time of joining the scheme.
The contribution to the APY will be debited monthly from the subscriber’s bank account.
This story originally appeared on: India Times - Author:Faqs of Insurances
