Atal Pension Yojana (APY) Enrolments Surpass 5.25 Crore in Eight Years of Implementation

Atal Pension Yojana (APY), the Government of India’s flagship social security scheme, has completed eight years of successful implementation with over 5.25 crore subscribers enrolled nationwide. Launched on May 9, 2015, by Prime Minister Shri Narendra Modi, APY aims to provide old age income security to all citizens of India, especially those working in the unorganized sector.

Enrollment in APY has been comprehensive, covering all states and Union Territories, and has continuously shown an upward trend since its inception. In the latest financial year, there has been a 20% growth in new enrollments over the previous year.

The scheme as of now has over Rs 28,434 crore total assets under management. Since its inception, an investment return of 8.92% is generated by the scheme.

This achievement of bringing the most vulnerable sections of society under the pension coverage could not have been possible without the collective efforts of all the public, private, regional and rural banks as well as payment banks besides small finance banks and the department of posts. Apart from all these the State Level Bankers’ Committees has also extended support in this.

Any Indian citizen aged between 18-40 years, having a savings bank account and not an income taxpayer, can open a new APY account.

A lifelong minimum guaranteed pension of Rs.1000 to Rs.5000 per month from the age of 60 years is offered to the subscribers under the scheme and depends on their contributions. Upon the demise of the subscriber and their spouse, the same pension would be paid to the nominee. The Pension Fund Regulatory and Development Authority (PFRDA) is committed to fulfilling the vision of the Government of India towards making India a pensioned society.