BANK OF INDIA, STAFF TRAINING COLLEGE, CHENNAI

Atal Pension Yojana-Financial Freedom Fighters

Name of Scheme Atal Pension Yojana
Benefit of APY Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000,
if he joins and contributes between the age of 18 years and 40 years. The
contribution levels would vary and would be low if subscriber joins early
and increase if he joins late.
Eligibility for APY Atal Pension Yojana (APY) is open to all bank account holders who is a
Citizen of India.
Age of joining and The minimum age of joining APY is 18 years and maximum age is 40
contribution period years. Therefore, minimum period of contribution by the subscriber under
APY would be 20 years or more.
Focus of APY Primarily focused on all citizens in the unorganized sector. However, all citizens of the
country in the eligible category may join the scheme
Enrolment and Subscriber All bank account holders under the eligible category may join APY with auto-debit facility
Payment to accounts, leading to reduction in contribution collection charges. Aadhaar No. to be
preferred at the time of opening APY account. Non Aadhaar bank account customers
can also join the scheme but Aadhaar details are to be provided later. Valid mobile
number is mandatory
Enrolment agencies All Points of Presence (Service Providers) and Aggregators under Swavalamban
Scheme would enroll subscribers through architecture of National Pension System
Operational Framework of It is Government of India Scheme, which is administered by the Pension Fund
APY Regulatory and Development Authority [PFRDA]. The Institutional Architecture of NPS
would be utilized to enroll subscribers under APY.
Charges / Contributions Contributions are collected by auto debit facility to the accounts. The monthly /quarterly
under APY / half-yearly contribution must be deposited on the first date of month / quarter / half year
in the savings bank account. However, if there is inadequate balance in the SB A/c till
the last date of the month/ last date of the first month in a quarter / last day of the first
month in a half year, it will be treated as default and contribution has to be paid along
with overdue interest for delayed payment. The overdue interest payable is Rs.1 per
month for contribution for every Rs.100. or part thereof, for each delayed monthly
payment.
SCHEMATIC PROCESS 1. Bank official enters the Bank Account number in the APY module .All CUST IDs
FLOW AT BRANCH WHEN linked to the account would be displayed. Official to select the CUST. ID of the
A PERSON WALKS IN applicant. [EPAY>PENSION>ATAL PENSION YOJANA>APY-SUBSCRIBER
REGISTRATION].
THE BRANCH WITH APY 2. The entire subscriber details incl. Address, Aadhaar, PAN, Mobile, Phone no. etc.,
FORM are fetched from the CBS and displayed in the APY module.
3. Bank official cross checks Subscriber’s details particularly name and DOB with form
and enters the Pension Amount and periodicity as mentioned in the form. DOB is
the most critical component and branches to ensure the same is correctly recorded
in CBS.
4. The APY module calculates and prompts the amount that the subscriber needs to
contribute monthly /quarterly / half yearly based in the DOB, Periodicity and Pension
Amount as entered in the system.
5. Bank official submits the request in the APY system. A second officer has to verify
the record and PRAN is allotted to the subscriber from PRAN Library only upon
verification. APY account has to be verified within 7 days of opening in system.

Other Features
Mobile App for APY
The features in the APY Mobile App are
Home Tab This feature contains subscriber details, Asset Allocation Percentage, Value of Holdings
Account Details Tab
Recent Contribution Tab
Download EPRAN View
Transaction Statement Tab
Reference
6. APY Module will then generate an Acknowledgement (with the PRAN) which is
handed over to the subscriber. The Acknowledgement will clearly mention that the
subscriber has registered in the APY with a guaranteed pension of desired amount
and the payment schedule.
7. Next day, Bank will centrally process the file and CRA will accept and activate
PRANs after checking.
8. The accounts corresponding to rejected PRANs would be in “INACTIVE” status. Sol
wise report of rejected PRANs can be generated from APY module. The most
common reason for rejection is “UID/Aadhaar already exists in NSDL database”.
9. CRA will send the SMS alerts to all the subscribers for confirming the activation of
PRAN on their registered mobile numbers.
10. APY module would automatically debit the accounts of all subscribers, which are in
ACTIVE” status and credit to the designated APY pool account.
11. Units will be credited to the subscriber’s PRAN and SMS alert will be sent to
subscribers confirming the credit of units.
 Subscribers can opt to decrease or increase the target monthly pension amount
during accumulation phase. However, the switching option will be available once in
year during the month of April. (PFRDA likely to convey modalities shortly).
 Periodical mobile alerts to the subscribers for subscriptions, balance and credits.
 Subscribers can open only one NPS-APY account. Employees who are members of
General NPS can also open a APY account under which a new PRAN will be allotted.
 In case of any false declaration about his/her eligibility for benefits under this scheme
for whatsoever reason, the entire govt. contribution would be forfeited along with the
cost of servicing / maintenance of the account.
 Per capita Incentive is payable to banks @Rs. 100/- per account. Incentive payable
for promotional efforts would vary from Rs.20/- to Rs.50/- depending on the number
of APY subscribers with each bank.
 The contributions under APY are invested as per the investment pattern specified
by
 Government for India for Non-Government PFs, Superannuation funds/Gratuity
Funds
 The subscribers do not have any other choice on investment pattern of Pension
Fund.
 Atal Pension Yojana is included under section 80CCD of IT Act for claiming relevant
benefits.
 Spouse can now continue the APY account by paying regular contributions in the
event of unfortunate death of the subscriber
Customers can also use the APY Mobile App for viewing the details of their APY
accounts
This application is available only in Android Devices. Customers are required to
download “APY and NPS Lite” App from Play Store. The customers need to enter their
PRAN in the App. They will receive an OTP on their registered mobile number. After
entering the OTP, the app will allow the customers to login.
and Download of Transaction Statement option
This feature contains Name, Address, Mobile Number, PRAN, NLOO Reg No, NLOO
Name, Frequency, Pension Amount, and Premium Amount. This tab also has the facility
to download E-PRAN.
This feature displays recent five contributions, remarks, date and amount
This feature allows download of EPRAN
This feature allows download of transaction statement
For further details , please refer circular 109/54