Team Blitz India
NEW DELHI: The total enrolment under the Atal Pension Yojana (APY) has crossed the 5.20 crore mark as on March 31 this year, the Finance Ministry has said.
The scheme enrolled more than 1.19 crore new subscribers in 2022-23 Financial Year as compared to 99 lakh in the last financial year, depicting a growth of more than 20 per cent.
The Ministry said on April 27 that as on date, the total assets under management in APY are more than Rs 27,200 crore. The scheme has generated an investment return of 8.69 per cent since inception of the scheme.
It said that in the Public Sector Banks (PSBs) category, nine banks achieved the annual target while the Bank of India, State Bank of India, and Indian Bank sourced more than a hundred APY accounts per branch.
Under the Regional Rural Banks (RRBs) category, 32 banks achieved the annual target while 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.
Under APY, a subscriber receives 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 itself would vary based on the age of joining the APY.
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 to the nominee.
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