APY Subscribers Jump 20% To Cross 5.2 Crore Mark In FY23; Check What Is APY, Its Features

Posted on

The total enrolment under the  crossed the 5.20 crore mark as on March 31 and its belongings below management stood at over Rs 27,200 crore. In the final monetary year 2022-23, the enrolment of the latest subscribers jumped 20 per cent or 1.19 crore, in contrast with the 99 lakh new subscribers enrolled in 2021-22, according to a statement by the Pension Fund Regulatory and Development Authority (PFRDA).

“As of date, the entire belongings below management (AUM) in APY is greater than Rs 27,200 crore and the scheme has generated funding return of 8.69 per cent for the reason that inception of the scheme,” the PFRDA stated in an announcement.

It added that within the public sector banks class, 9 banks achieved the annual goal, whereas Bank of India, State Bank of India (SBI), and Indian Bank sourced greater than 100 APY accounts per branch. Under the regional rural banks class, 32 banks achieved the annual goal, whereas 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.

Also, Tamilnad Mercantile Bank, Dhanlaxmi Bank and Airtel Payments Bank achieved the annual goal allotted by the Ministry of Finance. Further, 12 states Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha and Uttarakhand additionally achieved their annual targets with the assistance and help of their respective State Level Banker’s Committee (SLBCs).

About Atal Pension Yojana, Its Features

The Atal Pension Yojana (APY), introduced within the Budget 2015-16, is a central authorities scheme for income safety within the previous age and is concentrated on all residents within the unorganised sector, to encourage and allow people to avoid wasting for his or their retirement. The scheme is run by the Pension Fund Regulatory and Development Authority (PFRDA) by way of the National Pension System (NPS) structure.

Under APY, a subscriber would obtain a lifelong minimal assured pension of Rs 1,000 to Rs 5,000 per month from the age of 60 years, relying on their contributions, which itself would differ based on the age of joining the APY.

The same pension can be paid to the partner of the subscriber after the demise of the subscriber and on the demise of each subscriber and partner, the pension wealth as accumulated until age 60 of the subscriber would be returned to the nominee.

The Centre contributes 50 per cent of the subscriber’s contribution or Rs 1,000 every year, whichever is decreased. Government co-contribution is offered for individuals who aren’t covered by any Statutory Social Security Schemes and isn’t income tax payer.

Atal Pension Yojana is relevant to all residents of India aged between 18 and 40 years.

PFRDA is all the time committed to contributing towards pension saturation within the nation and shall continuously undertake proactive initiatives for reaching it.