Atal Pension Yojana: KYC process using Aadhaar for eAPY registration


The Atal Pension Yojana (APY) was created with the goal of creating a pension-inclusive society in which every Indian citizen who works in the unorganised sector can ensure their retirement income.

The PFRDA announced last week that total enrolments under the Atal Pension Yojana, which is aimed at workers in the unorganised sector, had surpassed 4 crore by the end of 2021-22. According to the Pension Fund Regulatory and Development Authority (PFRDA), more than 99 lakh APY accounts were opened in FY2021-22, bringing the total number of subscribers to 4.01 crore at the end of March 2022.

eAPY

eAPY allows for easy digital enrollment without the need to visit a bank branch, saving time, effort, and money while also providing significant convenience

PCRA (Protean e-Governance Technologies Central Recordkeeping Agency) has now included eAPY, a digital onboarding facility through Aadhaar eKYC/XML, as an alternative option to expand the reach and streamline the subscription process.

Enrollment in the plan is done through the different APY-SPs’ physical, net banking, or other digital forms.

According to a PFRDA press release: There are no additional charges for availing the facility. The process flow of eAPY registration and workflow at the end of APY- SPs are provided at the Annexures A & B.

i. Offline XML based Aadhar KYC (A)

ii. Online Aadhaar based eKYC (B)

Subscribers who prefer eAPY as a mode of registration need to ensure the following:

a. The demographic information submitted at registration via e APY via e KYC/XML matches the information accessible in Bank records.

a. The SB Account must have sufficient funds to cover the first instalment of APY contribution, which must be between Rs 1000 and Rs 5000, depending on the pension option selected.

c. APY Account is authorised after Aadhaar information, such as Name and Date of Birth, is verified.

d. Those Subscribers whose online registrations were rejected by the respective Banks were notified, together with the grounds for rejection, to resubmit their requests after correction.

How to register for eAPY online?

Step 1: Visit Online APY Subscriber Registration- https://enps.nsdl.com/eNPS/ApySubRegistration.html

Step 2: Complete the process by filling the registration details such as sleecting a bank, enter bank account number, e-mail Id, Aadhaar registered mobile number, Upload Aadhaar Offline e-KYC XML File.

Step 3: Share Code for your Paperless Offline eKYC

Step 4: Add and Enter Captcha and click on continue

Important FAQs on APY

What are the benefits of joining APY scheme?

The benefit of minimum pension under Atal Pension Yojana would be guaranteed by the Government in the sense that if the actual realized returns on the pension contributions are less than the assumed returns for minimum guaranteed pension, over the period of contribution, such shortfall shall be funded by the Government. On the other hand, if the actual returns on the pension contributions are higher than the assumed returns for minimum guaranteed pension, over the period of contribution, such enhanced scheme benefits shall be passed on to the subscribers. The Government of India had co-contributed 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber, who joined the scheme during the period 1 st June, 2015 to 31st March, 2016 and who is not a beneficiary of any social security scheme and is not an income tax payer. The Government co-contribution will be given for 5 years from the Financial Year 2015-16 to the Financial Year 2019-20.

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 to provide Aadhaar Number for proper identification of the subscriber.

Can I open APY Account without savings bank account?

No, the savings bank account/ post office savings bank account is mandatory for joining APY.

Is it required to furnish nomination while joining the scheme?

Yes. It is mandatory to provide nominee details in APY account.

After opening of APY account, what will happen if a subscriber becomes non-citizen of the country?

The scheme is open to the Indian citizens only. Hence, in that event the APY account will be closed and the net actual interest earned on his contributions (after deducting the account maintenance charges) will be refunded, whereas, the Government co-contribution, and the interest earned on the Government co-contribution, shall not be returned to such subscribers.

Will there be any option to increase or decrease the monthly contribution for higher or lower pension amount?

a) Yes, a subscriber can opt to decrease or increase pension amount during the course of accumulation phase, once a financial year.

b) For upgradation, the subscribers have to pay the differential amount of contribution at the rate of 8% p.a. on monthly compounding basis whereas in the case of down gradation, the excess amount of contribution collected from the subscriber would be refunded to the subscribers along with the returns generated.

c) For upgradation or down gradation, other than error cases, the subscribers would be required to pay a fee of Rs. 50, which will be shared equally by PoP-APYSP and CRA.



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