Atal Pension Yojana (APY) a flagship social security scheme of the Government of India, has completed eight years of successful implementation. The scheme was launched on 9^th May 2015 by Prime Minister Shri Narendra Modi with the objective of delivering old age income security to all citizens of India, particularly to the workers in the unorganised sector.

The scheme has been implemented comprehensively across the country covering all states and Union Territories with total enrolments crossing the mark of 5.25 crore. APY enrolments have continuously shown an increasing trend since its inception. In new enrolments, there has been a growth of 20% in FY 2022-23 over FY 2021-22 in comparison to a growth of 25% in FY 2021-22 over FY2020-21. As on date, the total assets under management (AUM) in APY is more than Rs. 28,434 crore and the scheme has generated an investment return of 8.92 % since inception of the scheme.

This feat of bringing in the most vulnerable sections of society under the coverage of pension could not have been possible without the untiring efforts of Public and Private Banks, Regional Rural Banks, Payments Banks, Small Finance Banks, the Department of Posts, and the support extended by the State Level Bankers’ Committees.

New APY account can be opened by any Indian citizen, in the age group of 18-40 years, who is having a savings bank account and who is not an income taxpayer. Under APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs.1000 to Rs.5000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY scheme. The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the 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 always committed towards making India a pensioned society as envisioned by Government of India.

Banks wise details of the Number of subscribers enrolled under APY, in last 8 Years (in lakh)

Category   of Banks	As on (March 31, 2016)	As on (March 31, 2017)	As on (March 31, 2018)	As on (March 31, 2019)	As on (March 31, 2020)	As on (March 31, 2021)	As on (March 31, 2022)	Additions During FY 2022-23	As on (March 31, 2023)	As on (May 09, 2023)
Public Sector Banks	16.581	29.859	64.443	105.35	154.183	209.195	278.487	86.607	365.095	368.77
Regional Rural Banks	4.763	11.152	19.871	31.711	43.301	57.107	75.280	24.267	99.548	100.41
Private Banks	2.531	5.586	9.829	13.297	18.20	23.193	29.210	5.13	34.347	34.54
Small Finance Bank	-	-	-	0.09	0.157	0.351	0.862	0.785	1.648	1.67
Payment Bank	-	-	-	0.481	3.44	8.188	12.880	2.159	15.039	15.12
Co-op Banks	0.22	0.339	0.456	0.543	0.705	0.80	0.928	0.141	1.069	1.10
DOP	0.753	1.899	2.453	2.703	3.02	3.321	3.623	0.215	3.839	3.84
Total	24.84	48.83	97.05	154.18	223.01	302.15	401.27	119.31	520.58	525.45

 

Pension eligibility under Atal Pension Yojana covers non-taxpaying citizens aged eighteen to forty, securing a lifelong guaranteed pension. Any Indian citizen with a savings bank account who is not an income taxpayer and who joins between eighteen and forty years may open an APY account; the subscriber is entitled to a minimum guaranteed pension payable for life from age sixty, with the same pension payable to the spouse on subscriber's death and the accumulated pension wealth as at subscriber's age sixty payable to the nominee on death of both subscriber and spouse.