PFRDA has been taking necessary initiatives to ensure ease of joining APY and for enhancing its outreach to the entire eligible population of the country through the APY Module which is integrated with Bank’s Core Banking System (CBS). The banks have to simply enter the savings bank account number of the prospective subscriber and the APY module automatically fetches the required details from the banks master data base and the subscriber is allotted Permanent Retirement Account Number (PRAN) immediately. Once PRAN is generated subscriber monthly / quarterly / half yearly contributions is remitted to pension account by debiting savings bank accounts.
APY is open to all citizens of the country with a minimum guaranteed pension of Rs 1000 – 5000 depending on the amount of contribution. With a view to facilitate the internet savvy persons to join the APY, PFRDA encourages banks to offer the facility of APY enrollment through internet banking. Leading banks in the country like SBI and ICICI are already offering this facility through the banks net banking portals. Many other banks have also expressed interest to provide this facility to their customers. With a view to simplify enrolment in APY, an internet based APY Subscriber registration mode has been allowed for those applicants who have net-banking accounts. Banks can enroll such applicants in APY through their net banking platforms by capturing the information on the online application form. No physical form is required to be submitted to the bank by the customer. PFRDA has issued a detailed circular to this effect on 9th August 2016; a copy of the circular is enclosed. It is also uploaded on PFRDA’s website www.pfrda.org.in
All Indian Citizens in the age group of 18-40 years are eligible to join APY. So far 31.85 lacs subscribers have registered under the scheme.
