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Mahesh

30/01/23 20:39 PM IST

Atal Pension Yojana crosses landmark 5 crore Enrolments

In News
  • Atal Pension Yojana (APY) has recently crossed the landmark of 5 crore enrolments.
  • The scheme has done very well in the calendar year 2022 by enrolling more than 1.25 crore new subscribers in comparison to 92 lakh new subscriber’s enrolment in the calendar year 2021.
Atal Pension Yojana
  • APY, the flagship social security scheme of the Government of India was launched on 9th May 2015, with the objective to provide old age income security to all Citizens of India, particularly to the people working in the unorganised sectors.
  • Under the scheme, a subscriber would receive a minimum guaranteed pension of ₹1000 to ₹5000 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 back to the nominee.
  • This scheme is open to all Indian-citizen who are between 18 and 40 years and have savings bank accounts in a bank or post-office.
  • From 1st of October, 2022 any income tax payer is not permitted to open new APY account.
Current Scenario
  • The Government of India sets yearly targets for the banks under the Atal Pension Yojana.
  • In 2022, 29 banks achieved the target.
  • This includes SBI, Indian Bank, and other Public sector banks.
  • UP, Bihar, WB, MP, Jharkhand, Assam, and Tripura achieved the set targets.
Source- Live mint

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