More than 52 lakh new subscribers have enrolled themselves under Atal Pension Yojana (APY), during the financial year 2020-21 and so far and the total enrolments have surpassed 2.75 crores on December 31, 2020.
APY is a guaranteed pension scheme of Government of India that provides triple benefits to the subscribers, on completing 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.
The official communiqué states that despite the challenges created due to pandemic, over 52 lakh new subscribers in the financial year 2020-21 so far opted for the scheme. During the outbreak, State Bank of India has enrolled more than 15 lakhs 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.
Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority set-up by an enactment of the Parliament, for regulating, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.