Now, open Atal Pension Yojana account using Aadhaar e-KYC on PFRDA --Know how to do it online

New Delhi: Bringing the much needed comfort to subscribers who are looking to open Atal Pension Yojana (APY) account, Pension Fund Regulatory and Development Authority of India (PFRDA) has said that the process can be done online.

“As of now, the enrolment of Subscribers happens through physical, net banking or other digital modes provided by the respective APY-SPs (APY Service Providers). Now in order to further increase the outreach and simplify the process of Subscription, CRA (Central Recordkeeping agency) would be providing digital on boarding based through Aadhaar eKYC as an additional option. Aadhaar XML based on boarding has already been made available for the benefit of Subscribers. These processes are paperless," reads a PFRDA circular dated October 27.

How to open Atal Pension Yojana account using Aadhaar e-KYC on PFRDA online?

As per PFRDA circular, based on Aadhaar e-KYC facility, if a person wants to open Atal Pension Yojana account, then he or she has to verify details with Aadhaar based e-KYC process online. The new Atal Pension Yojana subscribers can be onboarded by Central Recordkeeping Agencies (CRAs) through Aadhaar eKYC. For the CRAs, this will be an additional option.

PFRDA says that all the APY accounts are to be seeded with Aadhaar number for which the CRA will be providing a functionality for facilitating the Aadhaar seeding of the existing APY subscribers through the proper consent mechanism. Additionally, APY-SPs can also collect the Aadhaar details from their associated subscribers with due consent which would then be shared with CRA for seeding.

The total number of NPS and APY subscribers as of October 23, 2021 is 466.90 lakh.

What is Atal Pension Yojana?

Atal Pension Yojana (APY), the flagship social security scheme of the government. Launched on May 9, 2015 by Prime Minister Narendra Modi, the APY aims at delivering old age income security particularly to the workers in the unorganised sector.

Who can subscribe to Atal Pension Yojana?

APY can be subscribed by any Indian citizen in the age group of 18-40 years having a bank account. APY is a government scheme administered by PFRDA through NPS architecture. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.