Under APY, a subscriber would receive a lifetime guaranteed minimum pension of Rs 1,000 to Rs 5,000 per month from the age of 60.
Total assets under management in Atal Pension Yojana is currently over Rs 27,200 crore
Total enrollment under Atal Pension Yojana crossed the 5.20 crore mark as of March 31 and its assets under management stood at over Rs 27,200 crore. In the last fiscal year 2022-23, the registration of new subscribers jumped by 20% or 1.19 crore, compared to the 99 lakh of new subscribers registered in 2021-22, according to a statement from the Regulatory Authority and for the development of pension funds (PFRDA) .
“To date, the total assets under management (AUM) in APY is over Rs 27,200 crore and the program has generated a return on investment of 8.69% since the inception of the program,” PFRDA said in a statement. communicated.
He added that in the public sector banking category, nine banks met the annual target, while Bank of India, State Bank of India (SBI) and Indian Bank provided over 100 APY accounts per branch. In the regional rural banking category, 32 banks met the annual target, while Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank and Baroda Uttar Pradesh Gramin Bank opened over 160 accounts. APY per branch.
Also, Tamilnad Mercantile Bank, Dhanlaxmi Bank and Airtel Payments Bank met the annual target set by the Ministry of Finance. Also, 12 states like Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha and Uttarakhand also achieved their annual goals with the help and support of their respective State Bankers Committee (SLBC).
About Atal Pension Yojana, its features
The Atal Pension Yojana (APY), announced in the 2015-16 Budget, is a central government scheme for income security in old age and is geared towards all citizens in the unorganized sector, to encourage and enable people to save for their retirement. The scheme is administered by the Pension Funds Regulatory and Development Authority (PFRDA) through the National Pension System (NPS) architecture.
Under the APY, a subscriber would receive a lifetime guaranteed minimum pension of Rs 1,000 to Rs 5,000 per month from the age of 60, depending on his contributions, which itself would vary depending on the age of membership in the APY.
The same pension would be paid to the subscriber’s spouse after the subscriber’s death and on the death of both the subscriber and the spouse, the retirement assets accumulated up to the age of 60 of the subscriber would be returned to the candidate.
The Center contributes 50% of the subscriber’s contribution or Rs 1,000 per annum, whichever is lower. Government co-contribution is available for those who are not covered by any statutory social security scheme and who are not subject to income tax.
Atal Pension Yojana applies to all Indian citizens between the ages of 18 and 40.
The PFRDA remains committed to contributing to pension saturation in the country and will continuously undertake proactive initiatives to achieve this.
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