The gross enrolment in the Atal Pension Yojana (APY) scheme reached 6.62 crores as of June 20, 2024, of which only around 18 per cent, or 1.22 crores, were added in FY2023-24, the highest number of enrolments in a year since its inception, the Pension Fund Regulatory and Development Authority (PFRDA) said in a press release. It said the total enrolments grew 24 per cent to 643.52 lakh year-over-year (YoY) in FY2023-24 from 520.58 lakh in FY2022-23. The public sector banks saw the highest number of enrolments at 453.32 lakh as of March 31, 2024.

During a meeting in New Delhi last week, PFRDA Chairman Deepak Mohanty hailed the efforts of the public sector banks (PSBs) and the regional rural banks (RRBs) for taking the APY scheme to every corner of India and encouraging people to join the scheme.

Category-Wise Data of APY Enrolments

State-Wise:

Eighty per cent of APY enrolments were recorded in 12 states, with Uttar Pradesh topping the list with 103 lakh enrolments, followed by Bihar and Maharashtra.

Service Provider-Wise:

Of the total, 70 per cent of the enrolments came via PSBs, followed by RRBs at around 20 per cent and private banks at about 6 per cent. The remaining enrolments came via payment banks, the Department of Posts (DOP), small finance, and cooperative banks.

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Gender-Wise:

More women and young people have enrolled in the scheme. Of the total enrolments in FY2023-24, 52 per cent were women. Of the total enrolments to date, female enrolment stood at around 47 per cent or about 2.99 crores; male enrolment was 53 per cent or about 3.4 crores and transgender people at 0.03 per cent or 18,453.

Age-Wise:

Since APY’s launch, the highest number of subscribers has been in the age group of 21-30, at around 25-28 per cent. The lowest enrolment rate, at around 11 per cent, was recorded in the age group above 35.

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APY Scheme, Eligibility and Benefits:

APY is a social security scheme launched in May 2015 to provide a regular income in old age. Any Indian citizen aged 18-40 can open an account with banks, post offices, RRBs, etc., provided they are not income taxpayers and subject to other eligibility criteria, such as having a savings bank account for transferring the benefits directly to them. 

Unlike the National Pension System (NPS) or the Employees’ Provident Fund (EPF), APY assures a pre-determined cash flow after the subscribers turn 60. They can choose the pension amount in the following slabs: Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, and Rs 5,000.

When the subscriber dies, the spouse becomes eligible for the pension for life. However, if both the subscriber and the spouse are dead, the nominee gets the accumulated amount.