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Atal Pension Yojana (APY) Surpasses 5.20 Crore Enrollments

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.

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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.

Atal Pension Yojana Achieved 10 Million Enrolment Mark in a Calendar Year

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
Parameter Details
Scheme Name Atal Pension Yojana
Launched By Government of India
Launch Date May 9, 2015
Eligibility Criteria Age between 18 and 40 years
Pension Amount Rs. 1,000 to Rs. 5,000 per month
Pension Duration 20 years
Contribution Frequency Monthly
Contribution Amount Based on age and pension amount chosen
Minimum Contribution Rs. 42 per month
Maximum Contribution Rs. 1,454 per month
Guaranteed Pension Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 or Rs. 5,000 per month
Pension Payment Monthly
Death Benefit Nominee will receive the corpus or pension, whichever is higher
Maturity Benefit 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.

Also Read: Empowering Rural India: An Overview of the SVAMITVA Scheme

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FAQs

What is Atal Pension Yojana (APY)?

Atal Pension Yojana (APY) is a pension scheme launched by the Government of India in 2015 to provide a defined pension to the citizens of India, especially the unorganized sector workers who do not have access to a pension scheme. Under this scheme, subscribers can contribute towards a pension plan and receive a guaranteed monthly pension after they turn 60 years old.

Who is eligible to apply for Atal Pension Yojana?

Any citizen of India between the age group of 18 to 40 years is eligible to apply for Atal Pension Yojana. The subscriber must have a savings bank account and should be able to contribute towards the pension plan on a regular basis until the age of 60 years.

What is the minimum and maximum pension amount under Atal Pension Yojana?

The minimum pension amount under Atal Pension Yojana is Rs. 1,000 per month, while the maximum pension amount is Rs. 5,000 per month. The pension amount depends on the contribution made by the subscriber and the age at which they start contributing towards the scheme.

What is the contribution period for Atal Pension Yojana?

The contribution period for Atal Pension Yojana varies depending on the age at which the subscriber joins the scheme. The minimum contribution period is 20 years, while the maximum is 42 years. The subscriber needs to make regular contributions towards the scheme until they turn 60 years old.

How to apply for Atal Pension Yojana?

One can apply for Atal Pension Yojana by visiting their bank or post office and filling up the application form. The subscriber needs to provide their Aadhaar number and savings bank account details to apply for the scheme. The contributions towards the scheme can be made through auto-debit from the subscriber's savings bank account.