The Pension Fund Regulatory and Development Authority (PFRDA) embarked upon a digital-friendly approach for the extension of benefits of the Atal Pension Yojana (APY) to the citizens of India.
PFRDA developed the process to offer APY enrolment through National Pension System (eNPS) online platform for wider reach. Under this channel, a complete end-to-end digital environment for subscription is enabled without submission of physical form at the convenience of the customer without visiting a bank or post office.
So far, APY is available for subscription through Banks and internet banking. Now, APY is available on eNPS platform and any eligible Indian citizen can enroll through the APY on the eNPS channel. The customers of the Bank can visit also eNPS portal and submit Aadhaar/ Bank Name and Savings Bank Account Number to join the scheme.
Any person in the age group of 18 to 40 years with a savings bank account and Aadhaar can register for APY by providing the minimum information in the APY@eNPS portal as the rest of the information will be auto populated from the respective bank. This new feature not only makes it easy for the subscriber to join the APY but also reduces the workload for the Banks/Postal Branch implementing the APY.
Disclaimer: No Business Standard Journalist was involved in creation of this content
