Authority to stop APY subscribers auto-debiting savings account until 30 June 2020

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PFRDA)
B-14/A,Chhatrapati Shivaji Bhavan, Qutab Institutional Area,
Katwaria Sarai,New Delhi-110016.
Ph: 011-26517501,26517503,26133730. Fax: 011-26517507
Website: www.pfrda.org.in

Circular

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

Date:-11.04.2020

To,
All APY-SPs and other stakeholders

Subject: Stoppage of Auto-debit for APY contributions till 30th June, 2020.

1. 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.
2. The majority 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 lock-down for some period. In such scenario, it may be difficult for them to keep contributing to the scheme regularly during such period.
3. 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.
4. The modalities of payment of’ this non-deducted APY contributions along with regular contributions shall be communicated in due course.
5. Keeping in view the above, all APY-SPs are advised to stop auto-debiting the savings account of the subscribers for APY contribution amount with immediate effect till 30th June 20.

sd-
Ashish Kumar
Chief General Manager