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Atal Pension Yojana surges ahead with 62 lacs enrollments

Atal Pension Yojana reached a member of more than 62 lacs within a span of two years after its launch.

Pension Fund Regulatory Development Authority said that – At a time when the interest rate on various financial instruments including Savings Bank is declining, Atal Pension Yojana as a pension scheme offers a guaranteed rate of 8% assured return for the subscribers and also the opportunity of higher earnings in case the rate of return is higher than 8% at the time of maturity, after staying invested in the scheme for 20-42 years. Increasing enrollment is attributed to financialisation of assets and driving the people to pension products which has Govt of India implicit guarantee to give an assured pension to the subscriber, spouse and return of corpus to the nominee.

As reported by the PFRDA, a total of 3.07 lac APY accounts have been acquired so far under “One Nation One Pension”. Some of the prominent Banks in the country have been participating widely in the campaign and managed successfully to get the enrollments.

  • State Bank of India – 51,000 APY accounts
  • Canara Bank – 32,306 APY account
  • Andhra Bank – 29,057 accounts
  • Karnataka Bank – 2641 accounts
  • Madhya Bihar Gramin Bank – 5,056 accounts
  • Baroda Uttar Pradesh Gramin Bank – 3,013 accounts
  • Kashi Gomti Samyut Gramin Bank – 2,847 accounts
  • Punjab Gramin Bank – 2,194 accounts

The objective of PFRDA is to cover the maximum possible population uncovered by any pension scheme under the APY scheme so that India as a nation can move from a pension less to a pensioned society and the citizens can live a life of dignity in their vulnerable years.

Also, the PFRDA had made an effort to include all those citizens of the country in the Atal Pension Yojana, who are not covered by any pension scheme. It had also organized a National Level Pension Mobilized Campaign “One Nation One Pension” from August 2-19.

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