Atal Pension Yojana Enrolments Crossed 4 Crore Beneficiaries: Finance Ministry

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Over 99 lakh Atal Pension Yojana accounts were opened in the financial year ended March 2022 taking the total enrolments under the scheme to 4.01 crore, the Union Ministry of Finance said.

Around 71 per cent of the enrolments have been done by public-sector banks, 19 per cent by regional rural banks, 6 per cent by private sector banks and 3 per cent by payment and small finance banks.

Out of the total enrolments under Atal Pension Yojana (APY) as on 31st March 2022, nearly 80 per cent subscribers have opted for Rs 1000 pension plan and 13 per cent for a Rs 5000 pension plan.

Out of the total APY subscribers, 44 per cent are female subscribers while 56 per cent are male subscribers. Further, out of the total APY subscribers, 45 per cent are aged between 18 and 25 years, Finance Ministry said in a statement.

Atal Pension Yojana is the guaranteed pension scheme of the Government of India administered by the Pension Fund Regulatory and 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 a savings bank account.

Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs 1000 to Rs 5000 per month from the age of 60 years, depending upon his contribution. The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.

SMEStreet Edit Desk

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