Atal Pension Yojana: Good news for 2.28 crore APY subscribers! Big decision by PFRDA

Atal Pension Yojana: A big decision for Atal Pension Yojana (APY) has been taken by Pension Fund Regulatory and Development Authority (PFRDA) for the benefit for APY subscribers. In its endeavour to make the Atal Pension Yojana attractive and to benefit 2.28 Crore subscribers enrolled under the scheme, PFRDA has asked all banks to process upgrade/ downgrade of pension amount requests of APY subscribers throughout the year with effect from 1st July 2020. However, this can happen only once in a financial year.

Benefit for 2.28 cr subscribers

-This arrangement will enable the APY subscribers to increase/decrease their pension plans as per their changed income levels and capacity to pay APY contributions, which is very important to continue contributions in the scheme till 60 years.

-Earlier this facility was available only during the month of April of every year.

Atal Pension Yojana

-The Atal Pension Yojana was launched by Modi Government in May, 2015 and is being administered by PFRDA.

-This scheme is open to all Citizens of India for joining who are in the age group of 18-40 years, through the bank-branches or post offices where they have their Savings Bank accounts.

-Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month after attaining the age of 60 years, depending upon his contributions.

-After the death of such subscribers, the same pension amount would be paid to the spouse of the subscriber and on the demise of both subscriber and spouse, the accumulated pension wealth as accumulated till age 60 years of the subscriber would be returned to the nominee.

-The scheme is currently being distributed through 258 active APY Service Providers consisting of Banks and post-offices as this scheme is only available to those who have a Savings Bank account. PFRDA regularly advises all its APY Service Providers to promote the scheme for its outreach to the ultimate prospective customers.