The Atal Pension Yojana launched by Government of India is being administered by PFRDA. The scheme can be joined by any Citizen of India between the age group of 18-40 years through the bank branches or post office where one has the savings bank account. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month, depending upon his contributions, from the age of 60 years. The same pension would be paid to the spouse of the subscriber after death of the subscriber, and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 years of the subscriber, is returned to the nominee.
More than 17 lac APY accounts have already been sourced by 260 APY service Providers during the FY 2020-21. Overall, APY subscriber base has crossed 2.4 crore as on 20th August 2020. The year on year Bank Category wise number of APY enrolments is as follows:
|Category of Banks||As on date (*March 31, 2016)||As on date (March 31, 2017)||As on date (March 31, 2018)||As on date (March 31, 2019)||As on date (March 31, 2020)||Additions from April 1, 2020 to August 20, 2020||As on date(August 20, 2020)|
|Public Sector Banks||1,693,190||3,047,273||6,553,397||10,719,758||1,56,75,442||1,262,721||16,938,163|
|Small Finance Bank||–||–||–||9,190||15,760||266||16,026|
|Regional Rural Banks||476,373||1,115,257||1,987,176||3,171,152||43,30,190||275,750||4,605,940|
|District Co-op Banks||21,222||29,791||33,880||38,863||48,581||403||48,984|
|State Co-op Banks||354||680||805||1,053||4,620||123||4,743|
|Urban Co-op Banks||327||3,507||10,936||14,469||17,355||957||18,312|
In the current financial year under Public Sector category, SBI has sourced the highest APY accounts so far, while under Private Sector, Axis Bank; under RRBs, Aryavart Bank and under Payment Banks, Airtel Payment Bank; have sourced the highest APY accounts.
Out of the total subscriber base as on 20th August 2020, nearly 73.38% subscribers have opted for Rs 1000 pension plan and 16.93% for Rs 5000 pension plan, 43.52% are female subscribers and 56.45% are male subscribers, 52.55% subscribers are aged between 21 to 30 years.
Encouraged by the increasing number of enrolments under the Scheme since its inception, PFRDA will continue its endeavour to popularize the by launching various APY Campaigns at national and State level, conduct of Town-hall meetings, engaging SLBCs and LDMs, wide publicity through digital media etc. in the FY 2020-21 to take APY enrolments to greater heights and contribute towards making India a pensioned society.