The Atal Pension Yojana (APY), a guaranteed pension scheme offered by the Government of India, has crossed a landmark by reaching a total of 2.75 crore enrolments.
It clocked in more than 52 lakh new subscribers during the financial year 2020-21.
State Bank of India (SBI) has enrolled more than 15 lakh new APY subscribers, while other banks like Canara Bank, Indian Bank, Central Bank of India, Bank of India, Bank of Baroda, Airtel Payments Bank Ltd, Punjab National Bank, Axis Bank Ltd, Union Bank of India and Indian Overseas Bank have sourced more than 1 lakh APY accounts.
The APY offers triple benefits to the subscribers on attaining 60 years of age. It also includes minimum guaranteed pension to the subscribers, the same guaranteed pension to the spouse after the demise of the subscriber and returns of the accumulated pension wealth as accumulated till age 60 of the subscribers to their nominees.
This pension scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the NPS (National Pension System) architecture.
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