In the financial year 2023-21, more than 52 lakh new shareholders have been
associated with the Atal Pension Yojana (APY).
This increased the number of people associated with this social security scheme to 2.75 crore by the end of December. APY is a guaranteed pension of the government. Under this, three benefits are offered to shareholders from the age of 60 years. Under this scheme, the shareholders are guaranteed pension, after the death of the shareholder, the wife or husband is guaranteed equal pension. Also, there is a provision to return the accumulated amount to the nominee.
The Pension Fund Regulatory and Development Authority of India (PFRDA) said in a release that adding 52 lakh new subscribers so far in the financial year 2023-21 is a remarkable achievement, given the unprecedented challenges caused by the epidemic. This is the result of the untiring efforts of banks. “State Bank of India alone has added more than 1.5 million new APY shareholders.
The Atal Pension Yojana is administered by the Pension Fund Regulatory and Development Authority. Under this scheme, you can get a pension of Rs 1,000 to Rs 5,000 every month. The premium of this scheme depends on how much pension you need at the time of retirement and what is your age at the time of joining the scheme. Subscribers of this scheme can submit their premium monthly, quarterly or in six months.
If you join APY at the age of 18, then you will have to contribute Rs 42 per month for a pension of Rs 1,000 per month at the age of 60. At the same time, to get a pension of Rs 5,000 per month, you have to deposit only 210 rupees every month till the completion of 60 years. If you are 40 years of age, you will have to deposit Rs 291 for a pension of Rs 1,000 and Rs 1,454 for a pension of Rs 5 thousand per month.