Atal Pension Yojana total enrolments crossed 4 crore

Tags: Government Schemes

The total enrollments under APY Scheme have crossed 4.01 crore as on March 2022 out of which more than 99 lakh APY accounts were opened during FY 2021-22. 

• The scheme had seen this tremendous success due to the active participation of all categories of Banks. 

• Around 71% of the enrolments are done by Public-sector banks, 19% by Regional Rural Banks, 6% by Private Sector Banks, 3% by Payment and Small Finance Banks.

• State Bank of India, Indian Bank, Bank of India, Bank of Baroda and Central Bank of India achieved annual targets in the Public-sector Bank category.

• Out of the total enrolments under APY as on 31st March 2022, nearly 80% subscribers have opted for Rs 1000 pension plan and 13% for Rs 5000 pension plan.

• Out of the total APY subscribers 44 % are female subscribers while 56% are male subscribers. 

• Further, out of the total APY subscribers, 45% are aged between 18 and 25 years.

• About Atal Pension Yojana

—Atal Pension Yojana is the guaranteed pension scheme of Government of India administered by Pension Fund Regulatory & Development Authority (PFRDA).

—The scheme allows any Citizen of India between the age group of 18-40 years to join through the bank or post office branches where one has the savings bank account. 

—Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs1000 to Rs 5000 per month from the age of 60 years, depending upon his contribution.

—On the death of the subscriber, the spouse is guaranteed pension for life.

—In case of death of both the subscriber and his/her wife/husband, the entire pension amount is paid to the nominee.