Atal Pension Yojana has seen a growth of over 20% in total enrolment, with over 5.20 crore people now enrolled. The scheme has generated an investment return of 8.69% since its inception.
Atal Pension Yojana has become a popular pension scheme among Indians, with over 5.20 crore people enrolled as of March 31, 2023. This article will provide an overview of the latest enrolment figures and the benefits of the scheme.
1. Enrolment under Atal Pension Yojana crosses 5.20 crore mark As of March 31, 2023, the total enrolment under Atal Pension Yojana (APY) has exceeded 5.20 crore, which represents a growth of over 20% compared to the previous financial year. The scheme enrolled more than 1.19 crore new subscribers in FY 2022-23. The total assets under management (AUM) in APY have reached over Rs. 27,200 crore, and the scheme has generated an investment return of 8.69% since its inception.
2. Achievements by Public Sector Banks and Regional Rural Banks Nine banks in the Public Sector Banks (PSBs) category achieved the annual target, and Bank of India, State Bank of India, and Indian Bank sourced more than 100 APY accounts per branch. In the Regional Rural Banks (RRBs) category, 32 banks achieved the annual target, and Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank, and Baroda Uttar Pradesh Gramin Bank sourced more than 160 APY accounts per branch. Additionally, Tamilnad Mercantile Bank, Dhanlaxmi Bank, and Airtel Payments Bank achieved the annual target allocated by the Ministry of Finance.
3. Achievements by States and Initiatives by PFRDA 12 states, such as Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha, and Uttarakhand, have achieved their annual targets with the help and support of their respective State Level Banker’s Committee (SLBCs). PFRDA conducted 47 APY Outreach programmes and Town Hall meetings across India, along with SLBCs and RRBs. PFRDA also launched several initiatives, such as digital onboarding using Aadhaar, a revamped APY app, podcasts, and a chatbot facility, to create awareness about APY.
4. Benefits of APY Under APY, subscribers receive a lifelong minimum guaranteed pension of Rs. 1,000 to Rs. 5,000 per month from the age of 60 years, depending on their contributions, which vary based on the age of joining the APY. The same pension is paid to the spouse of the subscriber after the subscriber’s demise. If both the subscriber and the spouse pass away, the pension wealth accumulated until the subscriber’s age of 60 is returned to the nominee.
5. Commitment of PFRDA PFRDA is committed to contributing to Pension Saturation in the country and will continuously undertake proactive initiatives to achieve it.