The Atal Pension Yojana (APY) has recorded gross enrolments of over 6.65 crore as of June 30, 2024, of which more than 1.22 crore were added in FY2023-24 alone, the highest increase in a financial year since its inception, the Pension Fund Regulatory and Development Authority (PFRDA) said in a press release. Amazingly, three lakh subscribers were added within 10 days.

The statement follows PFRDA’s meeting with the banks and state-level banker’s committees (SLBCs) representing the east zone in Kolkata on July 5 to review the strategy to expand APY penetration in FY2024-25. According to its assessment, most east zone SLBs have performed relatively well, achieving beyond their targets for FY2023-24.

Bihar exceeded the FY target by 177 per cent, Assam by 159 per cent, and Jharkhand by 158 per cent. Among the regional rural banks, Jharkhand Rajya Gramin Bank’s average APY accounts per branch (AAPB) were 264, Tripura Gramin Bank 197, and Assam Gramin Vikas Bank 168.

ALSO READ: ITR Filing: How Can You Save Capital Gain Tax On Your Equity Investments?

According to an earlier PFRDA report, APY enrolments stood at 6.22 crore nationally as of June 20, 2024. However, 12 states, including Uttar Pradesh, Bihar, and Maharashtra, witnessed the highest number of enrollments. The public sector banks secured the highest number of enrolments, followed by regional rural banks, private sector banks and other financial entities, including the Department of Post, small finance banks, and co-operative banks.

Outreach Efforts:

PFRDA conducts financial awareness programmes to ensure pensions for people in old age. With India’s ageing population steadily increasing, pension security is vital, not only for their financial well-being but also to ensure the pace of economic growth continues and reduce the burden on the exchequer in providing emergency aid to financially distressed people.

The awareness drives included workshops, mass media campaigns, and publishing booklets and flyers in 21 Indian languages to increase APY and other pension scheme enrolments.

ALSO READ: Assisted Senior Living Picks Up Pace In India, But Will It Be Widely Accepted?

Salient Features of Atal Pension Yojana:

APY is a contributory retirement savings scheme where APY subscribers receive a fixed pension upon turning 60. The scheme offers five pension slabs: Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, and Rs 5,000. The subscribers can invest a fixed amount at a predetermined frequency, say monthly, to receive a fixed pension based on their selected pension slab.

The scheme is open to any Indian citizen aged 18-40. They must also have a savings bank account and should not be income taxpayers. As per the NPS Trust website, those who have become income taxpayers as of October 1, 2022, will be rendered ineligible. Such accounts will be closed, and the accumulated funds will be returned to the subscriber.