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Atal Pension Yojana enrolments cross 3.30 cr; 28 lakh new additions in FY22

Atal Pension Yojana enrolments cross 3.30 cr; 28 lakh new additions in FY22

The scheme was launched by Prime Minister Narendra Modi on May 9, 2015, primarily targeting those working in the unorganised sector. Any citizen having a savings account with a bank or post office in the age group of 18-40 years can join the scheme

Atal Pension Yojana Atal Pension Yojana

The number of subscribers of the government's Atal Pension Yojana (APY) crossed 3.30 crore-mark by August 25, the Pension Fund Regulatory and Development Authority (PFRDA) said on Wednesday. More than 28 lakh new APY accounts have been opened during the current financial year.

Overall, enrolments under APY crossed 3.30 crore as on August 25, 2021, PFRDA said in a release.

The scheme was launched by Prime Minister Narendra Modi on May 9, 2015, primarily targeting those working in the unorganised sector. Any citizen having a savings account with a bank or post office in the age group of 18-40 years can join the scheme.

A guaranteed pension scheme of the government, APY ensures Rs 1,000 to Rs 5,000 per month pension, depending upon the contribution made, to a subscriber from the retirement age of 60 years.

Public sector banks accounted for the highest number of APY subscribers at over 2.33 crore, as per PFRDA data.

It was followed by regional rural banks (61.32 lakh), private banks (20.64 lakh), small finance banks and payment banks combined (10.78 lakh), Department of Posts (3.40 lakh) and cooperative banks (84,627).

SBI, Canara Bank, Airtel Payments Bank, Bank of Baroda, Union Bank of India, Bank of India, Indian Bank, Central Bank of India and Punjab National Bank were among the top banks, garnering more than 1 lakh APY enrolments each during April 1-August 24, 2021.

Among the states, Uttar Pradesh, Bihar, West Bengal, Maharashtra, Tamil Nadu, Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Gujarat and Odisha are in the top league, with more than 10 lakh enrolments as on August 25, the release said.

PFRDA said nearly 78 per cent of the subscribers have opted for the Rs 1,000 pension plan while around 14 per cent for the Rs 5,000 pension plan.

Around 44 per cent are female subscribers and about 44 per cent subscribers getting enrolled are very young and belong to the age-group of 18-25 years.

The regulator also said it has taken APY Citizen Charter in 13 regional languages for expanding the outreach.