Part of the broader National Pension System (NPS), the Atal Pension Yojana (APY) provides pension cover for poor, underprivileged, and unorganised sector workers between 18-40 years who are not income tax-payees.<\/p>\n
Earlier this week, the Bank of Maharashtra (BoM), State Level Bankers’ Committee (SLBC) and PFRDA <\/a>conducted an outreach drive in Thane district focused on enrolment in the scheme, particularly for those from the unorganised sector, PTI reported citing officials.<\/p>\n BoM officials stressed on the importance of coordinated banking efforts to extend social security to underserved populations, noting that APY’s guaranteed monthly pension <\/a>benefits can secure financial stability for citizens, it added.<\/p>\n A government initiative administered by the Pension Fund Regulatory and Development Authority, it aims to create a universal social security system in India. Today, we check the rules for premature withdrawal and how to claim maturity payouts.<\/p>\n How to open a APY account?<\/p>\n You can open an APY account through your bank or post office using an Aadhaar<\/a>-linked savings account. You can also open a new bank or post office account and complete Aadhaar-KYC to gain access to the pension scheme.<\/p>\n What is the pension payout under APY?<\/p>\n APY <\/a>subscribers are set to receive guaranteed minimum monthly pension payout of one of the following sums: \u20b91,000, \u20b92,000, \u20b93,000, \u20b94,000, or \u20b95,000 after the age of 60 years, based on the contributions made after joining the scheme.<\/p>\n Atal Pension Scheme: How to make pension claim?<\/p>\n APY has tenure till the subscriber reaches 60 years of age, post which you are eligible for 100% annuitisation of accumulated pension.<\/p>\n