Named after former Prime Minister Atal Bihari Vajpayee, the Atal Pension Yojana aims to strengthen financial inclusion and provide a safety net for those without access to formal retirement benefits.
Under the APY, the subscriber is eligible to get triple benefits, as guaranteed by the government, i.e. lifelong monthly pension of Rs. 1,000 to Rs. 5,000 from the age of 60 years, depending on their contributions
National Pension System assets touched Rs 12.65 lakh crore in August 2024, representing a 30 percent growth over the same month of the previous year.
Atal Pension Yojana is a government run pension scheme that gives assured income to the people in the unorganised sector. It invests up to 15 percent in equities. Three pension fund managers, LIC, SBI and UTI, manage the entire corpus
Of the total, AUM under APY stood at Rs 30,051 crore at the end of August 25 while the figure for NPS Lite reached Rs 5,157 crore.
Once a savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account, the company added.
A pension scheme where the monthly contribution till you retire, is nominal. And returns are reasonable. It's a good option to build your domestic help or staff’s retirement nest egg.
As of May 21, 2021, the total number of subscribers under NPS and Atal Pension Yojana has crossed 4.28 crore and the asset under management (AUM) has grown to Rs 603,667.02 crore, the statement said.
To make APY more attractive, the Pension Fund Regulatory and Development Authority (PFRDA) has sought the ministry's nod to double the guaranteed minimum pension under the scheme to Rs 10,000 per month and increase the upper age limit to avail the scheme to 50 from existing 40.
Backed by a robust institutional architecture, the NPS (National Pension System) has registered a substantial growth over the last more than six years, a senior official of regulator PFRDA said today.
