Atal Pension Yojana: PFRDA says 52 lakh new subscribers in 2020-21 take total enrollments to 2.75 crore

Atal Pension Yojana subscribers: What could be seen as people’s growing interest towards saving schemes that guarantees them pension on attaining 60 yeas of age, Atal Pension Yojana (APY) has seen great enrollments even in Covid 19 pandemic-hit year. This shows common man has become more alert as far as saving schemes are concerned and understands importance of safeguarding their future.  As per a data released by Pension Fund Regulatory and Development Authority (PFRDA), more than 52 lakh new subscribers have been enrolled APY during 2020-21 so far and the total enrolments have crossed landmark of 2.75 crores on December/31/2020.  

What is Atal Pension Yojana?
Atal Pension Yojana is a guaranteed pension scheme by Government of India, which offers triple benefits to the subscribers, on attaining 60 years of age; minimum guaranteed pension to the subscribers, same guaranteed pension to the spouse after the demise of subscribers and return of the accumulated pension wealth as accumulated till age 60 of the subscribers, to their nominee.  

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Atal Pension Yojana Remarkable Numbers
“Despite the unprecedented challenges poised due to pandemic, addition of more than 52 lakh new subscribers in the financial year 2020-21 so far has been remarkable and result of untiring efforts of banks,” said the statement released by PFRDA.  

Atal Pension Yojana SBI Enrollments
During such period, State Bank of India has enrolled more than 15 lakh new APY subscribers, while other banks like Canara Bank, Indian Bank, Central Bank of India, Bank of India, Bank of Baroda, Airtel Payments Bank Ltd, Punjab National Bank, Axis Bank Ltd., Union Bank of India and Indian Overseas Bank have sourced more than 1 lakh APY accounts.

Atal Pension Yojana Campaigns

“Encouraged by high-pace of enrolments under the scheme, PFRDA is committed to continue its endeavour to popularize the scheme through various APY campaigns getting launched at national and state levels, constant engagement with bankers through Video-Conferences (VCs), participation in the State-Level Banker’s Committee (SLBC) meetings, publicity through social, print & electronic media and introducing digital on-boarding of APY subscribers,” the statement read.

What is PFRDA?

Pension Fund Regulatory and Development Authority is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies. NPS was initially notified for central government employees recruits wef 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.
Atal Pension Yojana, NPS subscribers and AUM

As on October 10, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.76 crore and the Asset under Management (AUM) has grown to Rs 5,05,424 crores.