Atal Pension Yojana now available at Small Finance and Payments Banks

The Centre’s social security scheme for the aged — the Atal Pension Yojana (APY) — will now also be available at small finance and payments banks, the Finance Ministry said on Friday.

The APY was launched by Prime Minister Narendra Modi on May 9, 2015, as the first ever guaranteed pension product, open to all citizens between the ages of 18 and 40 years. It provides a minimum guaranteed pension of ₹1,000 to ₹5,000 per month, after the age of 60 years, depending on the monthly contribution made by a subscriber.

To strengthen the existing channels of APY distribution, it is felt that these new payments banks and small finance banks will provide a boost to the outreach of subscribers under APY,” said an official release, adding that given their strength, expertise and reach, they can play a pivotal role in outreach of subscribers.

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