Latest charges for opening, maintaining Atal Pension Yojana (APY) account
economictimes.indiatimes.com
The circular emphasizes that you, as an individual, have the freedom to choose any of the three CRAs for opening and maintaining your Atal Pension Yojana account. Even existing APY account holders have the option to switch their CRA. This is because CRA portability is allowed for both existing and new APY account holders, giving you the power to manage your pension account at your convenience.
The PFRDA circular also mentions the charges the three CRAs can levy on the APY account holder for opening and maintaining the pension account.
Protean CRA
KFintech CRA
CAMS CRA
PRA opening (one-time)
Rs 15
Rs 15
Rs 15
PRA Maintenance (Per Annum)
Rs 20
Rs 14.40
Rs 16.25
Per transaction (Financial/Non-Financial)
NIL
NIL
NIL
The circular was issued on May 3, 2024, by PFRDA.
One thing that an APY subscriber needs to keep in mind, as per the FAQs issued by PFRA, is that “Deductions will continue to be made to your APY account for account maintenance and other related charges on a periodic basis. One needs to maintain a balance in the bank account linked with APY.”
Charges are also levied for non-payment or delayed payment of contributions.
What is Atal Pension Yojana?
The Atal Pension Yojana (APY) was introduced on June 1, 2015, to provide old-age income to every Indian Citizen from the unorganised sector. The scheme provides a defined benefit scheme and guarantees a minimum pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs 5,000 every month, depending on the monthly contribution. The monthly
