Atal Pension Yojana subscriber? Here is IMPORTANT update for you regarding payment

The ongoing coronavirus outbreak has forced the government to take unusual measures, in order to provide relief to the common man. In one such step, that will be very helpful for subscribers, the Pension Fund Regulatory and Development Authority (PFRDA) has decided to stop the auto-debit facility for Atal Pension Yojana (APY). 

The latest development means that the savings account of the investors will not get debited for the APY contribution till June 30, 2020. The APY investment scheme is a very good option for the economically backward section of the society. 

“The outbreak of COVID-19 pandemic has impacted adversely to all the sections of the society, however, it is known fact that the disadvantaged and poor are most vulnerable to the economic effects of the said disease,” a circular from PFRDA said.

The circular states that the majority of APY subscribers belong to the lower strata of the society, which as indicated above are expected to suffer the most during the lock-down and post-lockdown for some period. In such a scenario, it may be difficult for them to keep contributing to the scheme regularly during such period.

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"Therefore, it has been decided by the competent authority to stop auto-debiting savings account of the subscribers for APY contribution till 30th June 2020. Also, no penal interest will be charged to the APY subscribers if they regularize their APY accounts by depositing such non-deducted APY contributions along with regular APY contributions between 1st July, 20th and 30th Sept, 20," it added.

Earlier, the PFRDA had announced that COVID-19 will be declared a critical illness which is life-threatening in nature. The partial withdrawals are permitted to fulfil financial needs of the subscribers.

The withdrawal request can be placed against treatment of illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents.