Timelines for processing contributions for Atal Pension Yojana
As of the 27th of July, 2015, the PFRDA in a circular instructed all banks to strictly adhere to the timelines mentioned below in regard to processing applications and contributions towards the Atal Pension Yojana scheme (which was previously called NPS – Lite).
The PFRDA issued the circular to all public sector banks, private sector banks, RRBs, State Apex Cooperative banks, Central Cooperative banks, Rural / Urban Cooperative banks, and local area banks.
During June 2015, timelines were not adhered to, and this led to overdue interest or increased monthly contributions for subscribers due to change of age during the period in which the banks delayed processing.
In view of this, the new circular urges the banks to strictly adhere to the timelines and streamline the process of uploading contributions or face the consequence of having to bear the cost of any overdue interest or subscriber’s compensation.
According to the instructions:
- Banks must complete the entire process from the activation of the PRAN, to uploading subscriber information and records into the CRA system, to allotting Contribution Matched & Booked (M&B) and Units in no more than 4 consecutive days.
- Banks have only one (1) day to active the Permanent Retirement Account Number (PRAN) for all the applications that they receive for the APY scheme, from when they receive them.
- Acknowledgment slips containing the PRAN information and also information about the pension amount opted are to be issued within the same 1 day time period. This is the first day of the process.
- By the end of the second day of the process, banks have to upload the SCF and transfer the funds into the trustee bank.
- By the end of the third day of the process, banks must upload the Fund Receipt Confirmation (FRC) given by the Trustee Bank.
- By the end of the fourth day of the process, Contribution Matched & Booked (M&B) and Units are allotted.
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