The total enrolment under Atal Pension Yojana (APY) scheme has crossed 6 crore-mark, with enrolment of over 79 lakh in the current financial year. APY is a guaranteed pension scheme for Indians that focuses primarily on those working in the unorganised sector.
APY can be subscribed by any Indian citizen in the age group of 18-40 years having a bank account. Under this, an investor receives a minimum guaranteed pension of ₹1,000 to ₹5,000 per month from the age of 60 years, depending upon his/her contribution.
The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee.
Pension Fund Regulatory and Development Authority (PFRDA), in the recent past, has taken several initiatives for awareness creation of the scheme including the release of a one-pager simple APY flyer/handout in Hindi, English, and 21 regional languages.
How can one open APY?
To subscribe to APY, subscribers can either visit bank branch/post office or enrol through online mode. The APY form can be filled online by furnishing bank account number, phone number registered with Aadhaar and the Aadhaar number.
How can one make contributions?
Under the scheme, contributions can be made monthly, quarterly, or half-yearly via a debit facility from a savings bank account.
First Published: Dec 13, 2023 4:50 PM IST
