Banks And Post Office Now Need To Use Revised APY Registration Forms

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    Atal Pension Yojna (APY) pension scheme run by the government for the unorganized sector also necessitates seeding the aadhaar as the other financial services and accounts. And the PFRDA managing the scheme in a circular notified that several meetings with the Department of Financial Services and service providers of APY have been undertaken in the past for Aadhaar seeding.

     Banks And Post Office Now Need To Use Revised APY Registration Forms

    From January 1, the service providers have been asked to use the revised form for receiving customer's consent to seed Aadhaar with their APY accounts. The pension regulator informs that the registration form for the APY pension scheme has been modified to accommodate the provision of seeding of customer's Aadhaar and subsequent verification.

     In the circular the PFRDA has asked all the concerned service providers to obtain the revised forms and furnish details as per the new form.

    All bank account holders who are eligible under the scheme get 50% of the total contribution by the government or Rs. 1000 per year, whichever is less. This contribution is available for a period of 5 years to all such individuals who have enrolled in the scheme before December 31, 2015.

    Depending on the contribution made, an individual is entitled to receive a sum of Rs. 1000-5000 on attaining the age of 60 years every month.

    With Inputs From PTI

    Story first published: Monday, January 1, 2018, 11:03 [IST]
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