If you want to invest in the Atal Pension Yojana (APY) you will now have to provide your Aadhaar details. The Pension Fund Regulatory and Development Authority (PFRDA) has modified the registration form for APY and the new form mandatorily asks for the Aadhaar card number.
It has also issued a circular asking the service providers of the APY to obtain consent starting January 1, 2018 from existing APY investors for Aadhaar seeding and subsequent authentication.
Investing in APY is done through entities known as points-of-presence (POPs) such as banks appointed by the PFRDA. POPs provide services under the National Pension Scheme (NPS) through their network of branches called POP Service Providers (POP-SP).
The new form mandatorily asks for the Aadhaar card number and carries the declaration from the subscribers as such – “I hereby authorize PFRDA to use my Aadhaar details for APY and authenticate my identity through the Aadhaar Authentication system in accordance with the provisions of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act,2016 and rules and regulations notified there under.”
Also, a separate form to link one’s Aadhaar to APY has been issued. It can help APY subscribers to provide the consent using this form. In case you have already linked your savings account to Aadhaar, the process has been kept simple and one can merely choose to opt for – “Use my existing Aadhaar information available in my Savings Bank account linked to my APY account. (In case savings account is already seeded with Aadhaar)”
APY is included under Section 7 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016. And, as per the provisions of the Act, any individual who is eligible to receive benefits under the scheme will have to furnish proof of possession of Aadhaar number or undergo enrolment under Aadhaar authentication.
nterestingly, the Supreme Court had extended the date to link Aadhaar with services and benefits under direct benefit transfer (DBT) schemes by three month to March 31, 2018.
Earlier, the PFRDA had started offering APY on the eNPS platform where the process is entirely online and you just have to provide your Aadhaar card number while enrolling.
And, if you have already enrolled for APY through Net banking or by visiting your bank branch, here is how you can track your contributions.
If you wish to know more about APY and want to invest in it, the link below will help you.