Atal Pension Yojana (APY) Surpasses 5.20 Crore Enrollments
In a recent report, the number of people enrolled in the Atal Pension Yojana has surpassed 5.20 crore as of March 31, 2023. In the fiscal year 2022-23, over 1.19 crore new subscribers joined the scheme, a growth of more than 20% compared to 99 lakh in the previous financial year. The scheme has accumulated assets under management of more than Rs. 27,200 crore and has yielded an investment return of 8.69% since its inception.
Atal Pension Yojana Surpasses 5.20 Crore Enrollments: Key Highlights
- Among Public Sector Banks, 9 banks met their annual targets, while Bank of India, State Bank of India, and Indian Bank managed to enroll more than 100 APY accounts per branch.
- Among Regional Rural Banks, 32 banks met their annual targets, and Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank, and Baroda Uttar Pradesh Gramin Bank enrolled more than 160 APY accounts per branch.
- In addition, Tamilnad Mercantile Bank, Dhanlaxmi Bank, and Airtel Payments Bank achieved their annual targets set by the Ministry of Finance.
- Additionally, the annual targets were successfully met by 12 states including Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha and Uttarakhand, thanks to the assistance and support of their respective State Level Banker’s Committees (SLBCs).
- The PFRDA organized 47 APY Outreach programs and Town Hall meetings across India in various locations, working closely with SLBCs and RRBs.
- Several measures were taken, such as introducing a digital onboarding system using Aadhaar, launching a revamped APY app, creating 17 podcasts to raise awareness about the benefits of APY, and implementing a Chatbot facility for basic information on APY, among others.
- Through APY, a subscriber would receive a guaranteed minimum pension of Rs. 1,000 to Rs. 5,000 per month for their entire life starting at age 60, depending on their contributions, which would vary based on the subscriber’s age at joining the APY.
- Upon the subscriber’s demise, their spouse would receive the same pension, and after the demise of both the subscriber and spouse, the accumulated pension wealth until the subscriber’s age of 60 would be returned to the nominee.
PFRDA is committed to supporting Pension Saturation in the country and will continuously take proactive measures to achieve this goal.
All About Atal Pension Yojana
The Indian government introduced the Atal Pension Yojana (APY) on 9th May 2015 with the aim of establishing a comprehensive social security system for all Indians, particularly the impoverished, underprivileged, and those in the unorganized sector. The administration of the APY is under the Pension Fund Regulatory and Development Authority (PFRDA).
Here is a tabular overview of Atal Pension Yojana:
|Overview of Atal Pension Yojana
|Atal Pension Yojana
|Government of India
|May 9, 2015
|Age between 18 and 40 years
|Rs. 1,000 to Rs. 5,000 per month
|Based on age and pension amount chosen
|Rs. 42 per month
|Rs. 1,454 per month
|Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 or Rs. 5,000 per month
|Nominee will receive the corpus or pension, whichever is higher
|Corpus will be returned to the subscriber or nominee
The contribution amount and pension amount may vary based on the age of the subscriber and the pension amount chosen. Also, the scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Atal Pension Yojana: Eligibility
APY is available to anyone between the ages of 18 and 40 who holds a bank account, and contributions vary based on the pension amount chosen. However, starting from 1st October 2022, any citizen who is or has been an income tax payer will not be able to enroll in APY.
Atal Pension Yojana: Monthly Pension
Upon reaching the age of 60, subscribers will receive a guaranteed monthly pension of either Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or Rs. 5000. The pension will be available to the subscriber, then their spouse, and upon their deaths, the pension corpus, which is accumulated at the subscriber’s age of 60, will be given to the subscriber’s nominee.
If the subscriber dies prematurely, their spouse may continue contributing to the subscriber’s APY account for the remainder of the vesting period until the subscriber would have turned 60.
Atal Pension Yojana: Enhanced Pensionary Benefits
The government guarantees the minimum pension, meaning that if the accumulated corpus is unable to provide the minimum guaranteed pension due to lower than expected returns on investment, the central government will provide funding to cover the shortfall. If investment returns are higher, subscribers will receive enhanced pensionary benefits.
Subscribers can contribute to APY on a monthly, quarterly, or half-yearly basis, and they may leave the scheme voluntarily, subject to certain conditions, with deductions for government co-contribution and interest.