Over 1.19 crore new subscribers joined Atal Pension Yojana in FY23

New Delhi: The finance ministry on Thursday said more than 1.19 crore new subscribers enrolled in the social sector scheme Atal Pension Yojana in 2022-23, a growth of about 20 per cent year-on-year.

Ninety-nine lakh subscribers joined the Atal Pension Yojna (APY) in 2021-22.

The total enrolment under Atal Pension Yojana (APY) crossed the 5.20 crore mark as on March 31, 2023, the ministry said in a statement.

The total assets under management (AUM) in APY is about Rs 27,200 crore. The scheme has generated an investment return of 8.69 per cent since the inception of the scheme.

The ministry further said in the public sector banks (PSBs) category, 9 banks achieved the annual target while Bank of India, State Bank of India and Indian Bank sourced more than 100 APY accounts per branch.

Under APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY.

The same pension would be paid to the spouse of the subscriber after the demise of the subscriber, and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.