e-SOT & e-PRAN Card launched at Atal Pension Yojana Subscribers
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Introduction:
Objectives:
The Ministry of Finance launched a new scheme named “e-SOT and e-PRAN Card” scheme for Atal Pension Yojana Subscribers on 25th April, 2017 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 the transaction (e-SOT) and also the e- Permanent Retirement Account Number (e-PRAN card) have been launched. There are more than 45 lakhs APY subscribers will be benefited by the above scheme.
The Atal Pension Yojana (APY) was inaugurated by the Shri Narendra Modi (Prime Minister of India) on 9th 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 this scheme, 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.
Objectives:
- To providing the APY/PRAN Acct details and Savings Bank Account number details, the APY subscriber can view one's APY Account Statement.
- For improve the quality of service, the facility of online viewing of the statement of transaction (e-SOT) and also the e-PRAN card.
Key Features:
- The Atal Pension Yojana (APY) Scheme is being accomplished through 235 APY-Service Providers all over the country consisting of 109 District Cooperative Banks (DCBs), 27 Public Sector Banks (PSBs), 56 Regional Rural Banks (RRBs), 19 private banks, 1 foreign bank, 6 Urban Cooperative Banks (UCBs), 16 State Cooperative Banks (SCBs), and the Department of Posts.
- 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 performance, that which depends on the age of the subscriber at the time of connecting the APY.
- All the APY-SPs are partners in achieving the APY outreach through-out the length and breadth of the country. Nowadays, there are more than 45 lacs subscribers registered in the Scheme. About 10000-15000 APY subscribers are getting enrolled into the Scheme every day.
- APY subscriber who does not have his/her APY PRAN number purposely available can also avail these facilities by providing one's Date of Birth and Savings Bank Account number details.
- Under this scheme 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 accumulation, entry and pension payment phases.
- Although this value added facilities are meant for self-use, it can also be used by APY service providers to improve the quality of customer service.
- APY is available for all citizens of India in the age group of 18-40 years.
- 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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Name of the scheme | “e-SOT and e-PRAN Card” scheme for Atal Pension Yojana Subscribers |
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Launched on | 25th April, 2017 |
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Launched By | The Ministry of Finance |
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APY Launched on | 9th May, 2015 |
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APY Launched By | Prime Minister Narendra Modi |
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Aim of this scheme | To providing the APY/PRAN Acct details and Savings Bank Account number details, the APY subscriber can view one's APY Account Statement. |
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