Thursday, October 21, 2021
HomeFinanceDuring FY21, the Atal Pension Yojana will cross 3 crore subscribers.

During FY21, the Atal Pension Yojana will cross 3 crore subscribers.

The Pension Fund Regulatory and Development Authority (PFRDA) announced today that the Atal Pension Yojana gained over 79 lakh new subscribers in FY 2020-21.

State Bank of India sourced 22.07 lakh subscribers, or 28 percent of total enrolments, out of the total 79.14 lakh who joined APY in FY 2020-21.

The Atal Pension Yojana (APY) was launched in May 2015, and there are currently 3 crores of subscribers. According to the PFRDA, it took less than six months to enroll 50 lakh, new APY subscribers, taking the total number of APY subscribers to 3 crores from 2.5 crores.

State Bank of India sourced 22.07 lakh subscribers, or 28 percent of total enrolments, out of a total of 79.14 lakh who joined APY in FY 2020-21. Canara Bank and Indian Bank came in second and third, with 5.89 lakh and 5.17 lakh subscribers, respectively, during the same time span. In addition, during the fiscal year 2020-21, Bank of Baroda, Airtel Payment Bank, Bank of India, Central Bank of India, Punjab National Bank, Union Bank of India, Indian Overseas Bank, Axis Bank, HDFC Bank, Aryavart Bank, and Baroda UP Bank sourced new APY accounts ranging from 1 to 5 lakh.

ALSO CHECK: Get a tremendous discount with Firsrtcry Coupon Code and Mamaearth Coupons

More than 20 lakh APY subscribers were enrolled in 5 states as of March 31, 2021, according to the state-by-state distribution. As of March 31, 2021, Uttar Pradesh led the way with 45.4 lakh APY enrollments, followed by Bihar with 28.22 lakh, West Bengal with 23.92 lakh, Maharashtra with 23.17 lakh, and Tamilnadu with 22.57 lakh. As of March 31, 2021, the other six states of Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Gujarat, and Odisha had enrolled between 10 and 20 lakh people in the APY.

Over the last six years, the preference for a monthly pension of $1,000 has risen. As of 31 March 2021, approximately 77 percent of APY subscribers had chosen a 1000 monthly pension amount, compared to 38 percent of subscribers who had chosen a 1000 monthly pension amount as of 31 March 2016.

In addition, the gender disparity in APY enrolments has narrowed as female subscribers have increased their participation. Female subscribers rose from 37% to 44% as of March 31, 2021, compared to 37% as of March 31, 2016. Furthermore, the age profile of APY subscribers shows a pattern of younger enrolment. According to the PFRDA, more than 43 percent of subscribers registered on March 31, 2021, are between the ages of 18 and 25, up from 29 percent on March 31, 2016, according to the PFRDA.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

Yeh Rishta Kya Kehlata Hai: Hina Khan fails in front of new Akshara

The TV show 'Yeh Rishta Kya Kehlata Hai' has been entertaining people for 12 years. The characters of the show are changing but the...

Which Electric Scooter Is Best For You? Know in a Minutes

Ahead of the festive season, leading two-wheeler manufacturers have launched their respective electric scooters equipped with great features in India. Amidst the skyrocketing prices...

PF Transfer Online: Recently changed job? Transfer PF money sitting at home; will get this benefit

EPFO has given the facility of online transfer of PF money to the member employees. That is, you can transfer EPF money from one...

Take advantage of the ‘Buy Now Pay Later’ option to relieve the stress of holiday shopping

Companies give loans for purchases under the 'Buy Now Pay Later' programme. It's a good choice for people who don't have a credit card...

Flipkart has Mahabachat offers! Buy a Samsung 32-inch Smart TV for Rs 4,999, which is a great deal

2021 Flipkart Big Diwali Sale: Samsung's 32-inch smart TV is relatively affordable. On Flipkart, it is available for Rs 17,499, but you can get it...

Subscribe

* indicates required