To ensure timely contributions to the Atal Pension Yojana (APY) and avoid penalties, subscribers must set up an auto-debit facility from their savings bank account. This guide explains the step-by-step process to enable auto-debit and troubleshoot common issues.
Benefits of Enabling Auto-Debit
Ensures timely payments without manual intervention.
Avoids late penalties and keeps the account active.
Simplifies pension contributions for long-term savings.
Steps to Set Up Auto-Debit for APY
1. Visit Your Bank’s Branch or Online Banking Portal
If you prefer offline registration, visit your bank branch.
For online setup, log in to your bank’s net banking portal or mobile app.
2. Request Auto-Debit Registration
Ask for an Auto-Debit Mandate Form from the bank.
Fill in your PRAN (Permanent Retirement Account Number) and savings account details.
3. Set Up Standing Instructions
In online banking, go to the ‘Auto-Debit’ or ‘Standing Instructions’ section.
Select Atal Pension Yojana and enter the monthly contribution amount.
Confirm the auto-debit start date and ensure sufficient balance.
4. Confirm and Authorize the Auto-Debit Setup
Verify the details and authorize using OTP verification or digital signature.
If done at the bank branch, submit the signed mandate form.
5. Receive Confirmation
The bank will process your request and send a confirmation SMS.
Ensure your APY contribution is deducted from the next cycle.
Troubleshooting Auto-Debit Issues
1. Auto-Debit Not Working?
Ensure sufficient balance in your bank account before the deduction date.
Check if your bank’s auto-debit feature is enabled for APY.
Contact customer support if deductions fail for multiple months.
2. How to Modify Auto-Debit Details?
Visit your bank branch or use internet banking to update your standing instructions.
Change your APY contribution amount (once per year) if needed.
Conclusion
Setting up auto-debit for Atal Pension Yojana ensures uninterrupted contributions and helps you stay on track for retirement benefits. Follow the steps above to enable, modify, or troubleshoot your auto-debit settings.
Need Help? Contact your bank for assistance with setting up APY auto-debit.
