PFRDA stops auto-debit of contributors for Atal Pension Yojana users

Apr 16, 2020 | by Avantis RegTech Legal Research Team

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Labour Compliance

The Pension Fund Regulatory and Development Authority (PFRDA) on April 11, 2020, has decided to stop auto-debiting savings account of the subscribers for Atal Pension Yojana (APY) contribution due to the outbreak of COVID-19 pandemic. The majority of APY subscribers belong to the lower strata of the society and suffer the most during the lock-down.

Thus, it has been decided by the competent authority to stop auto-debiting savings account of the subscribers for APY contribution amount with immediate effect till June 30, 2020. It has been also clarified that 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 July 01, 2020 and September 30, 2020.

[Circular No: PFRDA/2020/8/P&D-APY/1]

 


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