The number of people getting the benefit of Atal Pension Yojana (APY) is increasing at a fast pace. Banks and states have achieved the target given by the Ministry of Finance for opening accounts of the scheme. A total of over 5.20 crore APY enrollments have been done till March 31, 2023. In the financial year 2022-23, more than 1.19 crore new subscribers have been enrolled, in the last financial year 99 lakh subscribers were enrolled in this scheme. Thus, there has been an increase of more than 20 percent in enrollment. Till date, the total Assets Under Management (AUM) in Atal Pension Yojana is more than Rs 27,200 crore. Since inception of the scheme, it has earned an investment profit of 8.69 percent till date.
Banks achieve Atal Pension Account target
In the Public Sector Banks (PSBs) category, 9 banks have achieved the annual target, while Bank of India, State Bank of India and Indian Bank have opened 100 Atal Pension Yojana accounts per branch. 32 banks under the category of Regional Rural Banks (RRBs) have achieved the annual target, while Jharkhand State Gramin Bank, Vidarbha Konkan Gramin Bank, Tripura Gramin Bank and Baroda Uttar Pradesh Gramin Bank have more than 160 Atal Pension Yojana accounts in each branch are opened. Tamil Nadu Mercantile Bank, Dhanalakshmi Bank and Airtel Payments Bank have achieved the annual target allotted by the Ministry of Finance.
States have met the target of opening accounts
The Finance Ministry had given the states a target to open accounts to give the benefits of the Atal Pension Yojana to the people. Out of this, 12 states Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha and Uttarakhand have also achieved their annual targets with the help and support of their respective State Level Bankers Committee (SLBC) have done.
Many benefits of Atal Pension Yojana
According to the Pension Fund Regulatory and Development Authority (PFRDA), under the Atal Pension Yojana, a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month is given to the beneficiary from the age of 60 years on the basis of his contribution. This pension amount can vary depending on the age of joining the Atal Pension Yojana and the amount invested monthly. Equal pension is paid to the spouse after the death of the subscriber. On the death of both the beneficiary husband and wife of the scheme, the pension amount deposited till the age of 60 years is given to the nominee. Whereas, ITR filers are not eligible for the scheme
How to take advantage of Atal Pension Yojana
To get the benefit of Atal Pension Yojana, the age of the applicant should be 18 to 40 years. To subscribe to the Atal Pension Yojana, applicants can start investing a fixed amount on a monthly basis by opening a savings account in the nearest bank or post office. After retirement or at the age of 60, they are given fixed pension every month. More information related to Atal Pension Yojana can be obtained from the official website link https://www.npscra.nsdl.co.in/hindi/scheme-details.php.
