All section Close
Image Credit: Pixabay
Total Enrollments In Atal Pension Yojana Crosses 3.30 Crore Mark
Writer: Ratika Rana
Her primary objective is to inform, promote, educate and cultivate readers through writing.
India, 2 Sep 2021 2:27 PM GMT
Editor : Ankita Singh |
A literature lover who likes delving deeper into a wide range of societal issues and expresses her opinions about the same. Keeps looking for best-read recommendations while enjoying her coffee and tea.
Creatives : Ratika Rana
Her primary objective is to inform, promote, educate and cultivate readers through writing.
A person aged 18 years has to save a mere ₹42 to receive a monthly pension of ₹1,000. The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
The Pension Fund Regulatory and Development Authority (PFRDA) stated that the total enrollments for the Atal Pension Yojana had crossed 3.30 crore, with 28 lakh subscribers enrolling in the last five months. The scheme was launched by Prime Minister Narendra Modi in May 2015, primarily targeting people working in the unorganised sector. However, any citizen aged 18-40 years who had a savings account with a bank or a post office could apply for the scheme.
APY is a guaranteed scheme of the government that ensures a pension ranging from ₹1,000 to ₹5,000 from the retirement age of 60 years. The amount of the pension, however, depends on the investment made by the subscriber.
PSBs Highest In Enrolling Subscribers
With 2.33 crore, Public Sector Banks accounted for the highest APY subscribers. The data released by the Press Information Bureau (PIB) mentioned that regional rural banks had 61.32 lakh subscribers, while private banks had 20.62 lakh subscribers.
There were 10.78 lakh subscribers in small finance banks and payments banks together. On the other hand, the Department of Posts and Cooperative banks had 3.40 lakh and 84,627 subscribers.
The State Bank of India, Canara Bank, Bank of Baroda, Airtel Payments Bank, Union Bank of India, Bank of India, Indian Bank, Central Bank of India and Punjab National Bank garnered more than 1 lakh subscribers each from April 1, 2021, to August 24, 2021. Almost 78 per cent took the ₹1,000 monthly pension plan while the subscribers for ₹5,000 pension plan were 14 per cent.
44% Women Subscribers
Uttar Pradesh, Bihar, West Bengal, Maharashtra, Tamil Nadu, Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Gujarat and Odisha are amongst the topmost for the enrollment of subscribers, with more than 10 lakh subscribers till August 25.
The press release also stated that 44 per cent of the subscribers were women, while another 44 per cent belonged to a very young age group of 18-25 years.
Also Read: Karnataka HC Orders Survey Of Public Washrooms In Bengaluru
Must Reads
We are an independent and public-spirited digital media platform for Indian millennials. We report news and issues that matter as well as give you the opportunity to take action.
