Wednesday, May 20, 2015

Incentive for mobilization and registration of subscribers under Atal Pension Yojana.

Incentive for mobilization and registration of subscribers under Atal Pension Yojana: PFRDA Order

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
1st Floor, ICADR Building, Plot No. 6.
Vasant Kunj Institutional Area,
Phase - II, New Delhi - 110070
No. PFRDAIAPY/4/62
19th May, 2015

To,
All Banks under APY

Sir,
Subject: Incentive for mobilization and registration of subscribers under Atal Pension Yojana.


I am directed to say that incentive structure for Banks to mobilize and register subscriber under Atal Pension Yojana has been under the consideration of PFRDA.

2. In consultation with the Department of Financial Services, Ministry of Finance, it has been decided that for mobilizing each account the Banks will be paid an incentive as per the table below:

i. Per capita incentive at Rs 100
ii. Incentive payable for promotion and development of APY:

S noNumber of subscribers under APY with each BankIncentive for promotional efforts (only for new accounts opened during the year)
1 Less than 1 lakhRs 20/-
2More than 1 lakh upto 3 lakhRs 30/-
3More than 3 lakh upto 5 lakhRs 40/-
4More than 5 lakhRs 50/-

As Banks are expected to engage the Banking Correspondents (BCs) / Micro Finance Institutions (MFIs) / Non-bank aggregators to mobilize the subscribers, they can Share the incentives with such BCs / MFIs / Non-bank aggregators etc. in the ratio 50:50 :: Banks : BCs/MFIs/ Non-bank aggregators.

3. Banks are advised to contact aggregators for shifting of existing eligible Swavalamban subscribers to APY as per the scheme.

4. Payment of incentives to banks each year will be made after the completion of the financial year on receipt of funds from the government.

Yours sincerely,

(Purnima Sharma)
Dy. General Manager

Source: http://pfrda.org.in/WriteReadData/Links/Incentive%20Structure%20for%20APY5c598c21-5021-481a-8866-16213d2d1343.pdf


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