Atal Pension Yojana (APY) launched in 2015 as a social security scheme for unorganized sector workers including maids, gardeners, and drivers among others can now be opened through an easy alternate mechanism other than the usual net banking or mobile app method.
This is as the pension fund regulatory body, Pension Fund Regulatory and Development Authority (PFRDA) has allowed APY-POPs to come up with a different mode for simpler online on-boarding to APY for those who have their savings bank accounts.
Now making the online on-boarding for APY easier, PFRDA has introduced the facility to open APY account through the bank's website.
- As a first step one needs to visit the website of the bank offering online APY account opening
- Now you have to give inputs (any two of these) - savings bank account number, customer id, PAN or aadhaar. Registration will be completed via OTP verification.
- As and when the registration is completed successfully, APY applicant will be provided access to the web form wherein some fields will be auto-populated and others such as pension amount, frequency of auto-debit, nomination etc. will have to be given by the subscriber.
- Standing instruction as well as APY enrollment form is to be given to the banks online via OTP authentication or e-signatures. And in a case when the subscriber cannot e-sign or give OTP, he or she can wet sign the form and deposit the same with his or her bank branch.
The initiative will come as a help for those who do not use net banking but are eligible to be enrolled under APY for saving for their future needs.