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Skip to mainPENSION FUND REGULATORY
AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan
Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016
Circular
No: PFRDA/2021/38/SUP-CRA/16
September 3, 2021
To,
Central Record Keeping Agency (NCRA)
&
Other APY stakeholders
Subject: Changes in Premature Exit Processing of APY for the benefit of Subscribers
Atal Pension Yojana (APY) is the flagship Social Security Scheme of Government of India administered by PFRDA through Banks and Dept of Post. The scheme offers Guaranteed Pension Benefits to the eligible Indian Citizens after reaching the age of 60 years, who subscribe and contribute to the scheme. The existing mode of premature withdrawal under APY is examined from time to time by PFRDA based on the inputs/suggestions received from various stake holders and the changes are proposed with suitable technological intervention.
It is proposed to introduce Instant Bank Account Verification in the interest of underlying Subscribers for orderly processing of their exit requests. The following guidelines are issued for facilitating timely transfer of withdrawal amount in the Bank Account of APY Subscribers and also as an additional due diligence to protect their corpus lying in the Permanent Retirement Account Number (PRAN). There could be two scenarios at the time of exit which are explained as under:
A. If the SB account details of Subscribers at the time on-boarding & exit are same
B. If the SB account details at the time on-boarding & exit are not same, different Account Number of same Bank or the different Bank
For any further assistance, APY-SPs can contact Central Record Keeping Agency or Mr. A. Ramesh Kumar (ramesh.kumar@pfrda.org.in). This circular is issued under Section 14 of PFRDA Act 2013 and is available at PFRDA’s website (www.pfrda.org.in) under the Regulatory framework in “Circular” section.
(K. Mohan Gandhi)
Chief General Manager
k.mohangandhi@pfrda.org.in
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