“The scheme has been implemented comprehensively across the country, covering all states and Union Territories with total enrolments crossing the mark of 5.25 crore,” the ministry said in the statement.
APY enrolments have continuously shown an increasing trend since its inception, it added.
In new enrolments, there has been a growth of 20 per cent in 2022-23 over 2021-22.
As of date, the total assets under management (AUM) in APY is more than Rs 28,434 crore and the scheme has generated an investment return of 8.92 per cent since inception of the scheme.
The ministry further said this feat of bringing in the most vulnerable sections of society under the coverage of pension could not have been possible without the untiring efforts of public and private banks, regional rural banks, payments banks, small finance banks, the Department of Posts, and the support extended by the state level bankers’ committees.
A new APY account can be opened by any Indian citizen, in the age group of 18-40 years, who is having a savings bank account and who is not an income taxpayer. 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 his/her contribution.
The same pension would be paid to the spouse of the subscriber after the demise of the subscriber. On the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee.