New Delhi. Pension regulator PFRDA has asked banks to accept the request for change in the contribution amount of the 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 the change in ability to contribute APY. This is necessary to maintain contribution to the scheme for 60 years.