Atal Pension Yojana customers can do this any time of the year! Click here to know what

Pension regulator PFRDA has asked banks to accept the request for change in the contribution amount of Atal Pension Yojana (APY) shareholders at any time during the year and take necessary steps for the same. The objective of this initiative is to make the scheme more attractive.

This system has come into effect from July 1. Earlier, shareholders were allowed to change the contribution amount only in the month of April. The Pension Fund Regulatory and Development Authority (PFRDA) said in a release, "With this arrangement APY shareholders will be able to reduce / increase the contribution amount as per their income and APY change in ability to contribute. This is necessary to maintain contribution to the scheme for 60 years.

According to the release, the regulator has asked all banks to take steps to increase or decrease the pension amount as per the request of APY holders at any time of the year. This system has come into effect from July 1.

However, as per PFRDA, shareholders can change the pension scheme only once in a financial year.

Around 2.28 crore shareholders are registered under the Atal Pension Yojana.

PFRDA also said that APY contribution amount has started to be deducted automatically from the savings account of the concerned shareholder since July 1, 2020. Due to the Kovid-19 epidemic, the deposit of the contribution amount was stopped till 30 June.

Under the existing system, if the APY contribution is pending between April-August, 2020, it will be automatically deducted from the savings accounts of the shareholders till September 30, and no interest will be paid as penalty. Atal Pension Yojana was launched in May 2015. This scheme is open to all citizens of the country between 18 and 40 years old.

Under this scheme, pensioners are guaranteed pension ranging from Rs.1000 to Rs.5000 per month at the age of 60, depending on the amount contributed by them.