Any Indian citizen between the ages of 18 and 40 can join the APY through a bank or post office branch where they have a savings bank account.
From the age of 60, a subscriber would be eligible for a minimum guaranteed pension of Rs. 1,000 to Rs. 5,000 per month, based on his contribution. The same pension would be provided to the subscriber's spouse, and if both the subscriber and the spouse died, the accrued pension wealth up to the age of 60 would be returned to the nominee.
During the current fiscal year 2021-22, more than 28 lakh new APY accounts were opened under the Atal Pension Yojana (APY), a government-run guaranteed pension system operated by PFRDA. As of August 25, 2021, the total number of APY enrolments had surpassed 3.30 crore.
Top Banks With Over 1 lakh APY Enrolments In Fiscal Year 2021-22
|Sr. No.||Bank Name||Number of APY acc from April 1, 2021- Aug 24, 2021|
|1||State Bank of India||7,99,428|
|3||Airtel Payments Bank Limited||2,06,643|
|4||Bank Of Baroda||2,01,009|
|5||Union Bank of India||1,74,291|
|6||Bank Of India||1,30,362|
|8||Central Bank of India||1,04,905|
|9||Punjab National Bank||1,01,459|
The system is administered by 266 registered APY Service-Providers, which include a variety of banks and the Department of Posts. Because this scheme is only open to applicants who have a savings bank account, PFRDA recommends all banks to promote it to their current and prospective clients on a regular basis.
In order to broaden the reach of the APY Scheme and benefit existing and potential APY subscribers as well as APY seers, PFRDA has recently undertaken new initiatives such as the addition of new features to the APY mobile App and its availability on the Umang platform, the updating of APY FAQs, the issuance of the APY Subscriber Information Brochure and the APY Citizen Charter in 13 regional languages.
During the current fiscal year, about 8 lakh new subscribers have joined the Atal Pension Yojana (APY) through the State Bank of India (SBI). By August 25, the number of APY subscribers has surpassed 3.30 crore, according to data issued by the Pension Fund Regulatory and Development Authority (PFRDA).
Top states having more than 10 lakh enrolments under the APY as on 25th August 2021 are:
|Sr. No||State Name||Number of APY enrolments|
According to PFRDA data, public sector banks have the most APY users, with over 2.33 crore. Regional rural banks (61.32 lakh), private banks (20.64 lakh), small finance banks and payment banks (10.78 lakh), the Department of Posts (3.40 lakh), and cooperative banks came in second and third, respectively (84,627).