4.31 Crore subscribers enrolled under Atal Pension Yojana till 21st July 2022

In accordance with data from the Pension Fund Regulatory and Development Authority (PFRDA), 4,31,86,423 subscribers have signed up for the Atal Pension Yojana (APY) through July 21, 2022. Dr. Bhagwat Kisanrao Karad, Union Minister of State for Finance, made this claim in a written response to a question in the Rajya Sabha today.

The Minister provided additional information, stating that the APY is a Government of India Scheme that was introduced on May 9th, 2015, and became effective on June 1st, 2015. All Indian nationals between the ages of 18 and 40 who have a savings account at a bank or post office are eligible to apply.

According to the Minister, APY is a voluntary, periodic contribution-based pension plan under which participants would start receiving pensions after they became 60 years old. Depending on the contribution option, each APY subscriber will get a minimum pension from the Central Government of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, or Rs. 5000 per month, starting at the age of 60 and continuing until death. The Government of India guarantees that, upon the death of the subscriber, the spouse will receive the same pension as the subscriber up till the spouse’s death.

The nominee of the subscriber will be eligible to collect the pension wealth that was acquired up until the subscriber turned 60 after the death of both the subscriber and the spouse, according to the Minister.