Atal Pension Yojana: BIG SUCCESS! Massive 40 lakh new APY subscribers enrolled - Check what PFRDA said
It's a massive success for Atal Pension Yojana (APY) as more than 40 lakh new subscribers have been enrolled under Atal Pension Yojana (APY), during the financial year 2020-21 (1st April 2020-13th Nov.2020). Moreover, the total enrolments have crossed whopping 2.63 crore. Despite the unprecedented challenges poised due to pandemic, addition of more than 40 lakh new subscribers in financial year 2020-21 so far has been remarkable and result of untiring efforts of banks, PFRDA said in a statement.
Atal Pension Yojana (APY)
APY is a guaranteed pension scheme of Government of India which offers triple benefits to the subscriber, on attaining 60 years of age; minimum guaranteed pension to the subscriber, same guaranteed pension to the spouse after the demise of subscriber and return of the accumulated pension wealth as accumulated till age 60 of the subscriber, to the nominee.
Atal Pension Yojana (APY), a pension scheme launched by Government of India is focused
on the unorganized sector workers. Under the APY, minimum guaranteed pension of Rs.
1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will start after attaining the age
of 60 years depending on the contributions by the subscribers for their chosen pension
Who can subscribe to APY?
Any Citizen of India can join APY scheme. The following are the eligibility criteria: -
(i) The age of the subscriber should be between 18 and 40 years.
(ii) He / She should have a savings bank account/ post office savings bank account
The prospective applicants may provide mobile number to the bank during their
Enrolments under APY to receive periodic updates on their APY account as well as on APY
scheme. Aadhaar may also be provided at the time of enrolment as APY scheme is notified
for the same.
What are the benefits of joining APY scheme?
The benefit of minimum pension under Atal Pension Yojana would be guaranteed by the
Government in the sense that if the actual realized returns on the pension contributions are
less than the assumed returns for minimum guaranteed pension, over the period of
contribution, such shortfall shall be funded by the Government. On the other hand, if the actual returns on the pension contributions are higher than the assumed returns for minimum guaranteed pension, over the period of contribution, such enhanced scheme benefits shall be passed on to the subscribers.
The Government of India had co-contributed 50% of the total contribution or Rs. 1000 per
annum, whichever is lower, to each eligible subscriber, who joined the scheme during the
period 1st June, 2015 to 31st March, 2016 and who is not a beneficiary of any social security
scheme and is not an income tax payer. The Government co-contribution will be given for
5 years from the Financial Year 2015-16 to the Financial Year 2019-20.