SBI, Axis Bank, Airtel Payment Bank power Atal Pension Yojana! Total enrolment crosses 2.4 crore

Atal Pension Yojana (APY): Powered by highest number of Atal Pension Yojana (APY) accounts being opened by the State Bank of India (SBI) and private sector banks also participating in new APY enrolments, the total has crossed 2.4 crore. More than 17 lakh APY accounts have already been sourced by 260 APY service Providers during the FY 2020-21.

The Pension Fund Regulatory and Development Authority (PFRDA) informed about the feat and said, "In the current financial year under Public Sector category, SBI has sourced the highest APY accounts so far, while under Private Sector, Axis Bank; under RRBs, Aryavart Bank and under Payment Banks, Airtel Payment Bank; have sourced the highest APY accounts."

The PFRDA went on to add that out of the total subscriber base as on 20th August 2020, nearly 73.38 per cent subscribers have opted for Rs 1000 pension plan and 16.93 per cent for Rs 5000 pension plan, 43.52 per cent are female subscribers and 56.45 per cent are male subscribers, 52.55 per cent subscribers are aged between 21 to 30 years.

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The Atal Pension Yojana launched by the Government of India is being administered by PFRDA. The scheme can be joined by any Citizen of India between the age group of 18-40 years through the bank branches or post office 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 contributions, from the age of 60 years.  The same pension would be paid to the spouse of the subscriber after death of the subscriber,  and  on  the  demise of  both  the  subscriber and spouse, the pension wealth as accumulated till age 60 years of the subscriber, is returned to the nominee.