Now you can open Atal Pension Yojana account with three central recordkeeping agencies: Here’s how

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Pension Fund Regulatory and Development Authority (PFRDA) has expanded the avenues for opening Atal Pension Yojana (APY) accounts. As per the latest directive, subscribers now have the flexibility to opt for any of the three Central Recordkeeping Agencies (CRAs) to initiate and maintain their APY accounts.

Until now, the responsibility rested solely with Protean eGov Technologies as the designated CRA for APY accounts.

However, with the recent circular, CAMS and KFin Technologies have also been enlisted as viable options for subscribers to choose from.

Explaining the rationale behind the decision, 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.”

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 circular also emphasised that this choice is optional for Point of Presence (PoP) and subscribers alike.

Additionally, the circular introduced the concept of portability within the subscriber’s PoP, enabling both existing and new APY subscribers to switch CRAs.

Atal Pension Yojana (APY), launched by the Government of India, is tailored to cater to the pension needs of unorganised sector workers.

Subscribers are assured a minimum guaranteed pension starting from ₹1,000 per month, depending on their chosen contribution levels, upon reaching the age of 60.

APY contributions are collected through auto-debit from subscribers’ savings bank accounts or post office savings bank accounts.

Eligibility criteria for APY subscription include individuals aged between 18 and 40 years possessing a valid savings bank account/post office savings bank account.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow