More than 40 lakh new subscribers have been enrolled under Atal Pension Yojana (APY), during the financial year 2020-21 (1st April 2020-13th Nov.2020) and the total enrolments have crossed 2.63 crore. APY is a guaranteed pension scheme of Government of India which offers triple benefits to the subscriber, on attaining 60 years of age; minimum guaranteed pension to the subscriber, same guaranteed pension to the spouse after the demise of subscriber and return of the accumulated pension wealth as accumulated till age 60 of the subscriber, to the nominee.
Despite the unprecedented challenges poised due to pandemic, addition of more than 40 lakh new subscribers in financial year 2020-21 so far has been remarkable and result of untiring efforts of banks. During such period, State Bank of India has sourced more than 10 lac 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 have sourced more than 1 lakh APY accounts.
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, introducing new contactless technology driven enablers for on-boarding of APY subscribers to take APY enrolments to greater heights for making India a pension society.