Under APY, a subscriber would obtain a lifelong minimal assured pension of Rs 1,000 to Rs 5,000 monthly from the age of 60 years.
The complete belongings beneath administration in Atal Pension Yojana is greater than Rs 27,200 crore presently
The complete enrolment beneath the Atal Pension Yojana crossed the 5.20 crore mark as on March 31 and its belongings beneath administration stood at over Rs 27,200 crore. In the final monetary 12 months 2022-23, the enrolment of latest subscribers jumped 20 per cent or 1.19 crore, in contrast with the 99 lakh new subscribers enrolled in 2021-22, based on an announcement by the Pension Fund Regulatory and Development Authority (PFRDA).
“As on date, the whole belongings beneath administration (AUM) in APY is greater than Rs 27,200 crore and the scheme has generated funding return of 8.69 per cent because the inception of the scheme,” the PFRDA said in a statement.
It added that in the public sector banks category, nine banks achieved the annual target, while Bank of India, State Bank of India (SBI), and Indian Bank sourced more than 100 APY accounts per branch. Under the regional rural banks category, 32 banks achieved the annual target, while Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank and Baroda Uttar Pradesh Gramin Bank sourced more than 160 APY accounts per branch.
Also, Tamilnad Mercantile Bank, Dhanlaxmi Bank and Airtel Payments Bank achieved annual target allocated by Ministry of Finance. Further, 12 states like Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha and Uttarakhand also achieved their annual targets with the help and support of their respective State Level Banker’s Committee (SLBCs).
About Atal Pension Yojana, Its Features
The Atal Pension Yojana (APY), announced in the Budget 2015-16, is a central government scheme for income security in the old age and is focused on all citizens in the unorganised sector, to encourage and enable people to save for their retirement. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension System (NPS) architecture.
Under APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY.
The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.
The Centre contributes 50 per cent of the subscriber’s contribution or Rs 1,000 per annum, whichever is lower. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.
Atal Pension Yojana is applicable to all citizens of India aged between 18 and 40 years.
PFRDA is always committed to contributing towards pension saturation in the country and shall continuously undertake proactive initiatives for achieving it.
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