- Missing APY contributions need to be paid in full before September 30
- If contribution is not paid before the deadline, the late penalty fee to be levied
- Check if your contribution was deducted; if not, consult your bank and make payments
In order to offer some relief to people amid the coronavirus pandemic, the union government had suspended the auto-debit facility for the Atal Pension Yojana (APY) contribution till June 2020. While the auto-debit facility was resumed from July 1, the subscribers were given time till September 30 to pay the missing contributions and regularise their APY account to avoid penalty.
If APY subscribers fail to pay the missing contributions and regularise their account by September 30, they will have to pay a penalty. Note that while the suspension of auto-debit started in April, it did not happen in the first half of the month meaning there is a high possibility of most subscribers having already paid their contribution in April.
If you make a quarterly or half-yearly contribution towards APY and if it was due in April then chances are that you may not need any regularisation since your contribution would have been deducted. As for the next quarter (July-September), the auto-debit facility resumed again, your account will not have missed any contribution.
However, if you are one of those subscribers who make a monthly contribution or if your quarterly or half-yearly contribution was due in the months of May or June, you would have missed the contribution since these two months witnessed full suspension of auto-debit in APY. If you fall in this category, you will need to check and verify the number of instalments that you have missed and pay them to avoid any penalty.
You can check your APY transaction statements or your registered bank account statements to review your contribution payment. You can also review SMS alerts from your bank to see if you have missed any payment. If you find more than one contribution debits for APY in July, the second one is likely to be your missing contribution. Make sure that all the missing contributions are paid.
To check the missing contributions and whether it was deducted later, you can go online at https://npslite-nsdl.com/CRAlite/EPranAPYOnloadAction.do and download the APY statement. You can use also the APY mobile app to download the statement. Once you get the statement, check whether the missing contributions have already been deducted or not.
How to regularise your APY account:
If your statement shows that missing contributions were not deducted through auto-debit since July 1, you will need to consult your bank to pay the missing contributions and get your account regularised.
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