PFRDA Notice: Swavalamban Subscribers Must Migrate to Atal Pension Yojana (APY)
The Pension Fund Regulatory and Development Authority (PFRDA) has issued an official directive urging all existing subscribers of the Swavalamban Scheme, who fall within the age group of 18 to 40 years, to migrate to the Atal Pension Yojana (APY). The migration process is facilitated entirely through the subscribers’ bank accounts.
Target Group: Swavalamban Scheme Subscribers aged 18-40 years
Action: Submit APY application at your bank branch
Helpline: APY Toll-Free No. 1800110069
The government is actively consolidating unorganized sector pension schemes into the highly structured Atal Pension Yojana. Subscribers who migrate will retain their existing Permanent Retirement Account Number (PRAN) issued under the Swavalamban scheme, meaning a new PRAN will not be issued.
Key Benefits of Migrating to Atal Pension Yojana (APY)
Migrating to the Atal Pension Yojana provides highly secure, government-backed financial benefits for the subscriber and their entire family. The PFRDA outlines three major financial guarantees under this scheme:
Guaranteed minimum monthly pension ranging from Rs 1,000 to Rs 5,000 after attaining 60 years of age.
The spouse receives the minimum assured pension after the subscriber’s death.
An indicative pension wealth of Rs 1.70 to 8.50 lacs is returned to the nominee upon the death of both the subscriber and spouse.
Step-by-Step Migration Process
The transition from Swavalamban to APY is designed to be seamless, provided the subscriber acts promptly through their banking channels.
For Subscribers WITH a Bank Account
Eligible subscribers (18 to 40 years old) must visit their respective bank branches and submit a formal APY application along with their existing PRAN card to initiate the migration.
For Subscribers WITHOUT a Bank Account
Swavalamban scheme subscribers who currently do not possess a bank account are required to open a new bank account first. Simultaneously, they must submit the request for migration from Swavalamban to the APY directly to the bank during the account opening process.
Frequently Asked Questions (FAQs)
Who is eligible to migrate from Swavalamban to APY?
All existing subscribers of the Swavalamban scheme who are between the age group of 18 to 40 years are eligible and advised to migrate to the Atal Pension Yojana.
Will I get a new PRAN card after migrating to APY?
No. The PRAN issued previously under the Swavalamban scheme will continue to be retained in the APY, and no new PRAN will be issued to the subscriber.
What is the guaranteed pension amount under APY?
APY provides a guaranteed minimum monthly pension of Rs 1,000 to Rs 5,000 to the subscriber after they reach 60 years of age.
What happens to the APY corpus after the death of the subscriber and spouse?
Upon the death of both the subscriber and the spouse, the indicative pension wealth, ranging from Rs 1.70 lacs to Rs 8.50 lacs, is returned to the registered nominee.
हिंदी सारांश (Hindi Summary)
पेंशन निधि विनियामक और विकास प्राधिकरण (PFRDA) ने 18 से 40 वर्ष की आयु के सभी ‘स्वावलंबन योजना’ (Swavalamban Scheme) के अंशधारकों को ‘अटल पेंशन योजना’ (APY) में माइग्रेट करने का निर्देश दिया है। इसके लिए अंशधारकों को अपने बैंक में जाकर PRAN कार्ड के साथ APY आवेदन जमा करना होगा। जिन लोगों के पास बैंक खाता नहीं है, उन्हें नया खाता खोलकर आवेदन करना होगा। आपका पुराना PRAN ही APY में मान्य रहेगा। APY के तहत 60 वर्ष की आयु के बाद 1000 से 5000 रुपये की गारंटीकृत मासिक पेंशन मिलती है, और अंशधारक व पत्नी की मृत्यु के बाद नॉमिनी को 1.70 लाख से 8.50 लाख रुपये तक की एकमुश्त राशि वापस कर दी जाती है!
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