Did you regularise your Atal Pension Yojana account? Do it before September 30
facebooktwitter
Loading...

Did you regularise your Atal Pension Yojana account? Do it before September 30

In series of measures taken by the union government during coronavirus pandemic and the resultant lockdown, the auto debit facility for the Atal Pension Yojana (APY) contribution were suspended till June 2020

  • August 7, 2020  
  • |  
  • UPDATED   20:50 IST
Did you regularise your Atal Pension Yojana account? Do it before September 30

KEY HIGHLIGHTS:

  • Auto Debit of APY account was suspended till June
  • The deduction of contribution resumed from July 1
  • Missing contributions need to be paid in full before September 30
  • If not paid before the deadline, the late penalty fee to be levied
  • Check your missing contribution from APY statement or your bank account
  • Missing contributions were deducted in July-end in accounts with sufficient balance
  • Check if your contribution was deducted; if not then consult your bank and make payments

In series of measures taken by the union government during coronavirus pandemic and the resultant lockdown, the auto debit facility for the Atal Pension Yojana (APY) contribution were suspended till June 2020. Although the auto debit facility was resumed from July 1, 2020, the subscribers were given time till September 30 to pay the missing contributions and regularise the account without any penalty. If you delay it further you will need to pay penalty for this regularisation. Here is how you can check the missing contributions and make sure your APY account is regularised:

Who may have missed the contribution?

Although the suspension of auto debit started in April, it did not happen in the first half of the month. So there is high possibility of most subscribers having already paid their contribution in April. If you make quarterly or half yearly contribution in APY and if it was due in April then there is good chance that you may not need any regularisation as your contribution would have been deducted in April. Since from the next quarter that is July the auto debit facility resumed again, your account will not have missed any contribution.

However, if you make monthly contribution or your quarterly or half-yearly contribution was due in the months of May or June, you would have missed the contribution as these two months witnessed full suspension of auto debit in APY. In such a situation you will need to check and verify the number of instalments that you have missed.

How to review missing contribution

Check your APY transaction statements or your registered bank account statements. Another easiest way is to check SMS alerts from your bank. If you find more than one contribution debits for APY in July, the second one most likely would be your missing contribution.

So, make sure that all the missing contributions are paid. If all were paid then you just have to check the timely debit of monthly contribution of August as it will indicate that your account has already been regularised.

To check the missing contributions and whether it was deducted later on in an APY statement, you can go online at https://npslite-nsdl.com/CRAlite/EPranAPYOnloadAction.do and download the APY statement. Alternatively, you can use the APY mobile app to download the statement.

When you get the statement, the first thing you need to check is whether the missing contributions have already been deducted or not. The chances are if your account had the sufficient balance the missing APY contributions would have been deducted already around July-end.

How to regularise your account

If your statement shows that missing contributions were not deducted through the additional auto debit since July 1, then you will need to consult your bank to pay the missing contributions and get the account regularised.Also Read:

Emami Q1 results: Profit remains flat at Rs 39 crore, revenue falls 26%

Also Read:

M&M Q1 result: Net profit declines 97% YoY to Rs 68 cr; revenue down 56%