Subscribers of Atal Pension Yojana increases, Know ‘here’ How APY can benefit you? 

New Delhi: In the current financial year 2020-21, more than 17 lakh Atal Pension Yojana accounts were opened through 260 APY service providers.The pension is provided not only to pensioners

when he is alive but also after death.. The spouse receives this pension in the event of the subscriber’s death or whoever is the nominee.

The Modi government launched Atal Pension Yojana (APY), now has members over  2.4 million. During the financial year 2020-21, over 17 lakh APY accounts have been opened through 260 APY service providers. In this way, the number of subscribers of the Atal Pension Yojana has crossed 2.4 crore by 20 August 2020. State Bank of India (SBI) and private sector banks are opening Atal Pension Yojana (APY) accounts. Anyone can join the scheme from the age of 8 to 40 years. However, only those people who are outside the income tax slab can avail the benefit of this scheme.

According to the Pension Fund Regulatory and Development Authority (PFRDA), in the current financial year under the public sector category, SBI has opened the highest number of APY accounts so far. Whereas Axis Bank in private sector, Aryavart Bank in RRB and Airtel Payment Bank in Payments Banks have opened most accounts.

Atal Pension Yojana provides pension to the subscriber while he/she is alive and to his/her family on death. The subscriber gets a minimum pension of Rs 1000 to Rs 5000 every month from the age of 60 on the basis of his/her contribution. If a person associated with the scheme dies before 60 years, then his wife can continue to deposit money in this scheme and get pension every month after 60 years. Another option is to claim a lump sum after the death of the subscriber.

According to PFRDA, on 20 August 2020, out of the total subscriber base of the scheme, about 73.38 per cent of the subscribers opted for Rs 1,000 pension plan, 16.93 per cent opted for Rs 5,000 pension plan. Of the total subscribers, 43.52 per cent are female subscribers and 56.45 per cent are male subscribers. At the same time, 52.55 percent of the subscribers are aged between 21 and 30 years.