Over 40 lakh subscribers enrolled under APY so far this fiscal

More than 40 lakh new subscribers have been enrolled under the Atal Pension Yojana (APY), government's pension scheme, so far this fiscal year, said a release on Tuesday.

With the new additions, the total enrolments under the APY have crossed 2.63 crore, said the Pension Fund Regulatory and Development Authority (PFRDA) in the release.

APY is a guaranteed pension scheme of the government which offers triple benefits to the subscriber, on attaining 60 years of age. The benefits are: minimum guaranteed pension to the subscriber, same guaranteed pension to the spouse after the demise of subscriber and return of the accumulated pension wealth till age 60 of the subscriber to the nominee.

"More than 40 lakh new subscribers have been enrolled under APY during the financial year 2020-21 (April 1, 2020 - November 13, 2020)," the PFRDA said.

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As per the release, State Bank of India sourced more than 10 lakh new APY accounts while Canara Bank, Indian Bank, Central Bank of India, Bank of India, Bank of Baroda, Airtel Payments Bank Ltd, Punjab National Bank, Axis Bank Ltd and Indian Overseas Bank sourced more than one lakh accounts.