e-PRAN Card Launched for Atal Pension Yojana

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With a view to digitally empower the Atal Pension Yojana (APY) subscribers and improve the quality of service, the facility of online viewing of the statement of transaction(e-SOT) and also the e-PRAN card have been launched. More than 45 lacs APY subscribers are likely to be benefitted.

By providing the APY/PRAN Acct details and Savings Bank Account number details, the APY subscriber can view 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.

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, 1 foreign bank, 56 Regional Rural Banks (RRBs), 109 District Cooperative Banks (DCBs), 16 State Cooperative Banks(SCBs), 6 Urban Cooperative Banks (UCBs) and the Department of Posts.

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 18-40 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 & 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.

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