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e-SOT, e-PRAN cards launched for Atal Pension Yojana users

People stand in a queue to deposit 500 and 1000 Indian rupee banknotes inside a bank in the northern city of Kanpur, India, November 10, 2016. REUTERS/Adnan Abidi

New Delhi [India]: To benefit and digitally empower over 45 lacs Atal Pension Yojana (APY) subscribers, the facility of online viewing of the statement of transaction (e-SOT) and e-PRAN cards were launched on Tuesday.

To improve the quality of service for the Atal Pension Yojana (APY) subscribers, the APY/PRAN acct details and savings bank account number details, can now be viewed on one’s APY Account Statement.

Even for the APY subscriber who does not have his APY PRAN number readily available can also avail these facilities by providing one’s Date of Birth and Savings Bank Account number details.

This online tool enables the subscribers to view his complete details of APY account like transaction details, pension amount, pension commencement date, nominee name, associated bank name etc.

Even though the feature is a self-servicing tool but the service providers can also access the feature on behalf of their customer to improve the quality of customer service. APY Subscribers can print their e PRAN card and get it laminated for their future reference if needed.

In case of any changes in the demographic details in the APY account, the subscribers can re-print their e-PRAN which shows the updated subscriber records.

The Atal Pension Yojana (APY) Scheme is being implemented through 235 APY-Service Providers all over the country consisting of 27 Public Sector Banks (PSBs), 19 private banks, one foreign bank, 56 Regional Rural Banks (RRBs), 109 District Cooperative Banks (DCBs), 16 State Cooperative Banks (SCBs), six Urban Cooperative Banks (UCBs) and the Department of Posts.

All the APY-SPs are partners in achieving the APY outreach through-out the length and breadth of the country. Presently, there are more than 45 lacs subscribers registered in the Scheme. About 10000-15000 APY subscribers are getting enrolled into the Scheme every day.

The Atal Pension Yojana (APY) was launched by the Prime Minister of India Narendra Modi on 09th May, 2015 and became operational from 1st June, 2015. APY is available for all citizens of India in the age group of 18 to 40 years.

Under the APY, the subscribers would receive a minimum guaranteed pension of Rs. 1000 to Rs. 5000 per month from the age of 60 years, depending on their contributions, which depends on the age of the subscriber at the time of joining the APY.

The same amount of pension is paid to the spouse in case of subscriber’s demise. After the demise of both i.e. subscriber and spouse, the nominee would be paid with the pension corpus.

There is option for spouse to continue to contribute for balance period on premature death of subscriber before 60 years, so as to avail pension by spouse.

There are tax benefits at entry, accumulation and pension payment phases. If the actual returns on the pension contributions during the accumulation phase are higher than the assumed returns for the minimum guaranteed pension, such excess returns are passed on to the subscriber, resulting in enhanced scheme benefits. (ANI)