PFRDA drive to popularise APY scheme from July 25

Banks and post offices have been asked by pension fund regulator PFRDA to open 3-5 accounts per branch under flagship Atal Pension Yojana during a week-long campaign starting July 25.
There are more than 30 lakh subscribers registered in the APY scheme. As on June 30, more than one lakh bankers and post office officials were trained for the scheme.
To give further fillip to the scheme, PFRDA said it has planned 'APY Pension Harmony Week' during July 25 to 29.
"During this week all the Banks/Department of Post are advised to open 3-5 accounts per branch. PFRDA expects high number of enrollments through this event," Pension Fund Regulatory and Development Authority (PFRDA) said.

The scheme, which became operational in June is available for all citizens in the age group of 18-40 years.
A savings bank account or post office savings bank account is mandatory for joining APY.

Under the APY, the subscribers would receive the fixed pension of Rs 1,000-Rs 5,000 per month at the age of 60 years, depending on their contributions.
To make the scheme attractive, some new features have been introduced in the scheme recently, including flexible modes of payment like quarterly and half yearly besides the monthly mode.
In case of death of the subscriber before 60 years, option is available to the spouse of the subscriber to continue contribution in the APY account of the subscriber till the original subscriber would have attained the age of 60 years.