Pension Fund Regulatory and Development Authority of India launched a new scheme in the year 2015 by the name of our Former Prime Minister Late. Atal Bihari Vajpayee in which citizens aged from 18 to 40 years can invest from Rs. 10 daily to avail a pension varying from Rs 1000-5000 per month after becoming senior citizen. The scheme was launched by our honourable Prime Minister Narendra Modi on 9th May 2015 while addressing a meeting in Kolkata.
This scheme can be availed by any citizen of this country whose age is between 18-40 years. The scheme can be availed in the nearest branch of Bank or Post Office. 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.
This month, i.e. in July, the PFRDA took a big decision in which the 2.25 Crore APY Subscribers can avail the facility of changing their monthly premium amount annually. They can upgrade/downgrade the premium according to their needs. This can be done only once a year.