Soon the savings account holders will be able to open an account under the Atal Pension Yojana (APY) even without internet banking. The Pension Fund Regulatory and Development Authority (PFRDA) is allowing APY-POPs to present an alternative means to open online APY accounts to their existing savings account holders. Under the new medium, a person can open an APY account without using internet banking or mobile app.
Now some banks offer the facility of opening online APY account through net banking or mobile app. But there are also a large number of account holders who can open APY accounts but do not use net banking or mobile apps. In such a situation, these account holders are not able to open an online or digital APY account.
What is the new way
PFRDA has introduced the option of using the web portal of banks to open online account without net banking in APY. The bank account holder will have to visit the portal of the banks which provides the facility to open APY account online. After this, they have to register by entering Customer ID or Savings Account Number (any two) or PAN or Aadhaar. Registration will be completed through OTP based authentication.
Some details will have to be given in web form
After the registration is complete, a web form will appear in front of the customer, in which some data will be pre-filled automatically. The person opening an APY account can fill in other data like pension amount, frequency of auto-debit, nomination etc. The APY enrollment form will be submitted digitally to the bank through OTP authentication or e-signature. If someone cannot provide e-signature or OTP, then later he can directly sign on the form and submit it to his bank branch.
Story By: Sunil Dhawan