Under the Atal Pension Yojana (APY), a guaranteed pension scheme of Government of India and administered by PFRDA, more than 28 lakh new APY accounts have been opened during current FY 2021-22. Overall, enrolments under APY has crossed 3.30 crore as on 25th August 2021.
Atal Pension Yojana (APY)
- The APY 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 Rs. 1,000 to Rs. 5,000 per month, depending upon his contribution, from the age of 60 years.
- The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and the spouse, the accumulated pension wealth as accumulated till age 60 of the subscriber is returned to the nominee.
- The scheme is distributed through 266 registered APY Service-Providers consisting of various categories of banks and Department of Posts.
- As this scheme is only available to applicants with a savings bank account, therefore, PFRDA regularly advises all banks to promote the scheme for its outreach to their existing and prospective customers.
