India. PFRDA proposes changes in premature exit rules for Atal Pension Yojana, facilitates timely payment of money
By Navneet Dubey
To increase acceptability of Atal Pension Yojana (APY) scheme among informal sector workers, the Pension Fund Regulatory and Development Authority (PFRDA) has proposed modifications in premature exit processing for the benefit of subscribers.
APY is a social security scheme administered by PFRDA through banks and the department of post. The scheme offers guaranteed pension benefits to eligible citizens after reaching the age of 60 years, who subscribe and contribute to the scheme.
According to a PFRDA circular issued on 3 September, “The existing mode of premature withdrawal under APY is examined from time to time by PFRDA based on the inputs/suggestions received from various stakeholders and the changes are proposed with suitable technological intervention.”
The scheme will introduce instant bank account verification in the interest of underlying subscribers for the orderly processing of their exit requests.
The following guidelines are issued for facilitating timely transfer of withdrawal amount in the bank account of APY subscribers and also as additional due diligence to protect their corpus lying in the Permanent Retirement Account Number (PRAN).
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