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ATAL PENSION YOJANA TOTAL ENROLMENTS CROSSED 3.30 CRORE

MORE THAN 28   LAKH SUBSCRIBERS ENROLLED IN CURRENT-YEAR FY 2021-22

The Atal Pension Yojana, a guaranteed pension scheme of Government of India and administered by PFRDA 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 Rs.1000 to Rs.5000 per month, depending upon his contribution, from the age of 60 years.  The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and the spouse, the accumulated pension wealth as accumulated till age 60 of the subscriber is returned to the nominee.

The scheme is distributed through 266 registered APY Service-Providers consisting of various categories of banks and Department of Posts. As this scheme is only available to applicants with a savings bank account, therefore, PFRDA regularly advises all banks to promote the scheme for its outreach to their existing and prospective customers.

More than 28 lakh new APY accounts have been opened during current FY 2021-22. Overall, enrolments under APY has crossed 3.30 crore as on 25th August 2021.

The year on year Bank Category wise number of APY enrolments is as follows:

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) Additions from April 1, 2021 to August 25, 2021 As on (August 25, 2021)
Public Sector Banks 1,693,190 3,047,273 6,553,397 10,719,758            1,56,75,442 2,12,52,435 20,74,420 2,33,26,855
Private Banks 218,086 497,323 873,901 1,145,289 15,62,997 19,86,467 77,875 20,64,342
Small Finance Bank & Payment Bank       57372 359761 853914 224705 1078619
Regional Rural Banks 476,373 1,115,257 1,987,176 3,171,152 43,30,190 57,10,770 4,21,104 61,31,874
Cooperative Banks 21,903 33,978 45,621 54,385 70,556 80,073 4,554 84,627
DOP 75,343 189,998 245,366 270,329 3,02,712 3,32,141 7,774 3,39,915
Total 24,84,895 48,83,829 97,05,461 1,54,18,285 2,23,01,658 3,02,15,800 28,10,432 3,30,26,232

The Top Banks having more than 1 lakh APY enrolments during current FY 2021-22 are:

Sr. No. Bank Name Number of APY accounts enrolled between April 1, 2021 to August 24, 2021
1 State Bank of India                     7,99,428
2 Canara Bank                     2,65,826
3 Airtel Payments Bank Limited                     2,06,643
4 Bank Of Baroda                     2,01,009
5 Union Bank of India                     1,74,291
6 Bank Of India                     1,30,362
7 Indian Bank                     1,13,739
8 Central Bank of India                     1,04,905
9 Punjab National Bank                     1,01,459

The Top states having more than 10 lakh enrolments under the APY as on 25th August 2021 are:

Sr. No State Name Number of APY enrolments
1 Uttar Pradesh  49,65,922
2 Bihar  31,31,675
3 West Bengal  26,18,656
4 Maharashtra  25,51,028
5 Tamil Nadu  24,55,438
6 Andhra Pradesh  19,80,374
7 Karnataka  19,74,610
8 Madhya Pradesh  19,19,795
9 Rajasthan  16,16,050
10 Gujarat  13,50,864
11 Orissa  12,45,837

Out of the total enrolments under APY as on 25th August 2021, nearly 78% subscribers have opted for Rs 1000 pension plan while around 14% for Rs 5000 pension plan. Further, around 44% are female subscribers and also around 44% subscribers getting enrolled are very young and belong to the age-group of 18-25 years.

In the recent past, PFRDA has undertaken new initiatives like addition of new features in the APY mobile App and its availability on Umang platform, updation of APY FAQs, issuance of APY Subscriber Information Brochure and APY Citizen Charter in 13 regional languages for expanding the outreach of the APY Scheme and for the benefit of existing and potential APY subscribers as well as APY service providers.

Encouraged by the increasing number of enrolments under the Scheme since its inception, PFRDA will continue its endeavour to popularize the scheme through organization of various APY Campaigns at national and State level, coordination with State Level Bankers’ Committee (SLBCs) and National Rural Livelihood Mission ( NRLM), advertisements through print, social & electronic media etc. in the FY 2021-22 to take total enrolments under APY to greater heights and contribute towards making India a pensioned society.

About Mahender Bansal

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