Atal Pension Yojana has made giant strides on this front with over 99 lakh APY accounts opened in FY 2021-22.
- The total enrollments under Atal Pension Yojana have crossed 4.01 crore as on March 2022. The active participation of all categories of banks was behind the tremendous success.
- Out of the 4.01 crore enrollments, around 71% of the enrollments were done by Public-sector banks, 19% by Regional Rural Banks, 6% by Private Sector Banks and 3% by Payment and Small Finance Banks.
- APY scheme primarily focuses on workers of unorganised sectors. Out of the total APY subscribers, 45% are aged between 18 to 25 years and 4 % are female subscribers. 80% subscribers of APY scheme, opted for Rs. 1,000 pension plan and 13% for Rs. 5,000 pension plan.
About Atal Pension Yojana (APY)
- Atal Pension Yojana (APY) is a Government of India Scheme launched on 9th May, 2015, with an objective of creating a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector.
- The Scheme became operational w.e.f. 1st June, 2015, and is being administered by Pension Fund Regulatory and Development Authority (PFRDA).
- It is open to all citizens of India between 18-40 years of age having a savings bank account in a bank or post-office.
- Under APY, a subscriber would receive a minimum guaranteed pension of Rs.1,000 to Rs. 5,000 per month from the age of 60 years, depending on his or her contribution.
- The pension would be paid to the spouse of the subscriber after the demise of subscriber and on demise of both subscriber and spouse, the pension wealth would be returned to the nominee.
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