The Atal Pension Yojana accounts have increased by 28.46% from 352.97 lakh in March 2022 to 453.42 lakh in March 2023, according to PFRDA data.
NPS
Under the various schemes under National Pension System and Atal Pension Yojana, subscribers increased to 624.81 lakh subscribers as of March 4, 2023, up from 508.47 lakh as of March 2022, representing a year-over-year (Y-o-Y) rise of 22.88%.
Number of Subscribers in various schemes under National Pension System and Atal Pension Yojana (in Lakh)
| 5th March 2022 | 31st March 2022 | 04th March 2023 | Y-o-Y | |
| Growth % | ||||
| Central Government | 22.76 | 22.84 | 23.86 | 4.8 |
| State Government | 55.51 | 55.77 | 60.72 | 9.39 |
| Corporate | 13.84 | 14.05 | 16.63 | 20.19 |
| All Citizen Model | 21.51 | 22.92 | 28.4 | 32.02 |
| NPS Lite* | 41.88 | 41.87 | 41.77 | -0.25 |
| APY | 352.97 | 362.77 | 453.42 | 28.46 |
| Total | 508.47 | 520.21 | 624.81 | 22.88 |
Total Assets under Management under Nation Pension System and Atal Pension Yojana (in Rs. Crores)
| 5th March 2022 | 31st March 2022 | 04th March 2023 | Y-o-Y | |
| Growth % | ||||
| Central Government | 2,15,176.58 | 2,18,576.94 | 2,55,207.38 | 18.6 |
| State Government | 3,58,902.07 | 3,69,426.72 | 4,39,494.10 | 22.46 |
| Corporate | 85,081.03 | 90,633.28 | 1,14,871.58 | 35.01 |
| All Citizen Model | 30,221.83 | 32,345.77 | 41,302.53 | 36.66 |
| NPS Lite* | 4,612.86 | 4,686.74 | 4,877.71 | 5.74 |
| APY | 20,347.94 | 20,922.58 | 26,113.66 | 28.34 |
| Total | 7,14,342.31 | 7,36,592.03 | 8,81,866.97 | 23.45 |
What is Atal Pension Yojana?
The Atal Pension Yojana (APY), introduced in 2015, is a pension programme targeted at employees in the unorganised sector. At reaching the age of 60 under the APY, a minimum guaranteed pension of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 per month will begin depending on the contributions made by the subscribers for their chosen pension amount.Contribution towards APY
The frequency of contributions, the pension slab selected, and the subscriber’s age at the time the APY account was opened will all affect the contribution amount. The subscriber’s savings bank account or post office savings bank account can be set up for automatic debit to make contributions on a monthly, quarterly, or half-yearly basis.
APY tax benefit
The government announced the income-tax benefit for the Atal Pension Yojana on February 19, 2016. Investors in APY are now qualified to receive the same income-tax advantages as members of any other notified plan, such as the National Pension System. The maximum deductions allowed under Section 80 CCD (1) and Section 80C are restricted to Rs 1.5 lakh every fiscal year.
Who cannot invest in APY?
From October 1, 2022, the government has banned income taxpayers from investing in the Atal Pension Yojana (APY).
What is the withdrawal procedure from APY?
If investment returns exceed the promised returns incorporated in APY, subscribers will make a request to the associated bank/Post office to receive the guaranteed minimum monthly pension or higher monthly pension. Following the successful filing of the request, the subscriber will receive a monthly pension based on his or her payments. At the death of the subscriber, the same amount of monthly pension is payable to the spouse (default nominee). On the death of both the subscriber and his or her spouse, the nominee will be entitled to the return of the subscriber’s pension wealth accumulated up to the age of 60.
What are the benefits under APY Scheme upon exit on attaining 60 years?
According to the APY FAQ page, the subscriber shall receive the following three benefits on attaining the age of 60:
- Guaranteed minimum pension amount: Beyond the age of 60, each APY subscriber will get a Government of India guaranteed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, or Rs. 5000 per month, till death.
- Guaranteed minimum pension amount to the spouse: After the subscriber’s death, the subscriber’s spouse is entitled to the same pension amount as the subscriber, until the spouse’s death.
- Return of the pension wealth to the nominee of the subscriber: After the death of both the subscriber and the spouse, the nominee of the subscriber is entitled to the subscriber’s pension fortune up to the age of 60.