Atal Pension Yojana total enrolments crossed 4 crore

More than 99 lakh APY accounts enrolled during FY 2021-22

The total enrollments under APY Scheme have crossed 4.01 crore as on March 2022 out of which more than 99 lakh APY accounts were opened during FY 2021-22. The scheme had seen this tremendous success due to the active participation of all categories of Banks. Around 71% of the enrolments done by Public-sector banks, 19% by Regional Rural Banks, 6% by Private Sector Banks, 3% by Payment and Small Finance Banks.

State Bank of India, Indian Bank, Bank of India, Bank of Baroda and Central Bank of India achieved annual target in the Public-sector Bank category.

While Vidarbha Konkan Bank, Tripura Gramin Bank, Jharkhand Rajya Gramin Bank , Paschim Banga Gramin Bank, Baroda UP Bank, Uttarbanga Ksheriya Gramin Bank ,Aryavart Bank, Baroda Gujarat Gramin Bank, Uttar Bihar Gramin Bank, Maharashtra Gramin Bank, Odisha Gramya Bank, Madhya Pradesh Gramin Bank, Karnataka Vikas Grameena Bank, Chaitanya Godavari Grameena Bank, Telangana Grameena Bank, Andhra Pradesh Grameena Vikas Bank, Baroda Rajasthan Kshetriya Gramin Bank, Rajasthan Marudhara Gramin Bank, Dakshin Bihar Gramin Bank, Prathama UP Gramin Bank, Punjab Gramin Bank, Puduvai Bharthiar Grama Bank, Andhra Pragathi Grameena Bank, Manipur Rural Bank and Uttarakhand Gramin Bank achieved annual targets in the Regional Rural Bank category.

Also, Tamilnad Mercantile Bank, AU Small Finance Bank,Shri Mahila Sewa Sahakari Bank, The Kalupur Commercial Co-Operative Bank, The Sabarkantha District Central Co-Operative Bank and Rajkot Nagarik Sahakari Bank achieved annual target in other bank categories.

Apart from the Banks, 9 State Level Banker’s Committees Bihar, Jharkhand, Assam, Uttar Pradesh, West-Bengal, Rajasthan, Madhya Pradesh, Odisha and Tripura achieved annual targets under APY.

Out of the total enrolments under APY as on 31st March 2022, nearly 80% subscribers have opted for ₹ 1000 pension plan and 13% for ₹ 5000 pension plan. Out of the total APY subscribers 44 % are female subscribers while 56% are male subscribers. Further, out of the total APY subscribers, 45% are aged between 18 and 25 years.

On Independence Day 2021 speech our Hon’ble Prime-minister emphasized on the saturation of Government’s social security schemes including Atal Pension Yojana to each and every entitled person. PFRDA, in line with the Government’s saturation mission has undertaken to conduct outreach programs in co-ordination with all SLBCs and RRBs across the country. In the FY 2021-22, 13 such physical outreach programs were conducted and the remaining programs will be conducted in the current Financial Year.

PFRDA has strategized to target Jan Dhan accounts holders, promote digital mode of enrolment to target young population, involving other Central ministries, State Governments and agencies like NRLM/ SRLM for APY outreach programs through webinars and townhall meetings.

Atal Pension Yojana is the guaranteed pension scheme of Government of India administered by PFRDA. The scheme allows any Citizen of India between the age group of 18-40 years to join through the bank or post office branches where one has the savings bank account. Under the scheme, a subscriber would receive a minimum guaranteed pension of ₹ 1000 to ₹ 5000 per month from the age of 60 years, depending upon his contribution. The same pension would be paid to the spouse of the subscriber after the demise of subscriber and on demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.

PFRDA is committed to take total enrolments under APY to greater heights and contribute towards making India a pensioned society.

Guaranteed pension scheme expansion under Atal Pension Yojana boosts enrolments and prioritises outreach and digital enrolment. Atal Pension Yojana enrolments exceeded 4.01 crore as of March 2022, with growth attributed to active participation by public-sector banks, regional rural banks, private and small finance banks and achievement of targets by multiple banks and SLBCs. PFRDA conducted outreach programs and is prioritising digital enrolment and targeting Jan Dhan account holders and youth. APY is administered by PFRDA as a guaranteed pension scheme open to eligible citizens through bank or post office savings accounts, providing a contribution-linked minimum pension at pensionable age with spousal continuation and return of accumulated pension wealth to nominees if both die.