The total enrolment under the Atal Pension Yojana (APY) has crossed 6 crore, with over 79 lakh enrolments in the current Financial Year. This feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all banks.
APY, a flagship social security scheme of the Government of India, was launched on 9 May 2015 by Prime Minister Narendra Modi to provide old age income security to Indian citizens, with a particular focus on the poor, underprivileged, and workers in the unorganised sectors.
The Pension Fund Regulatory and Development Authority (PFRDA), in the recent past, has taken several initiatives for the awareness creation of the scheme including the release of a one-pager simple APY flyer/handout in Hindi, English, and 21 regional languages.
APY subscribers get triple benefits
1)Under APY, the subscriber is eligible to get triple benefits, as guaranteed by the Government of India, i.e. lifelong monthly pension of Rs1000 to ₹5000 from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY.
2)The same pension would be paid to the spouse of the subscriber after the demise of the subscriber.
3)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.
Retirement benefits
Depending on their contributions, an APY subscriber would receive a minimum guaranteed pension of Rs1000 to ₹5000 per month from the age of 60 years.
Atal Pension Yojana (APY) 2023: How to apply
- ‘All nationalised banks provide the scheme. You can download the form from the official website.
- Fill up the application form and submit it to your bank.
- Submit a photocopy of your Aadhaar card.
- You will receive a confirmation message on approval of the application.
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Published: 13 Dec 2023, 01:20 PM IST