Atal Pension Yojana subscriber base crosses 1.24 crore mark

New Delhi: The government has said the number of subscribers to Atal Pension Yojana (APY) has crossed 1.24 crore mark while more than 27 lakh new subscribers have joined the Scheme during the Current Financial Year 2018-19.

States like Uttar Pradesh, Bihar, Andhra Pradesh, Maharashtra and Karnataka are the top contributors in APY enrollment, an official release said.

As of October 27, 2018, the number of APY subscribers from Uttar Pradesh stood at 17.90 lakh, Bihar 11.16 lakh, undivided Andhra Pradesh 11.28 lakh, Maharashtra 10 lakh and Karnataka 9.15 lakh.

While 3 percent of the total eligible popualtion of the country has been covered under the scheme, the coverage stood at 5 per cent for Goa and Puducherry, and 4 per cent for Chandigarh, Dadra and Nagar Haveli and Karnataka.

APY is administered by PFRDA through NPS architecture. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more. The maximum age of joining the NPS has been increased from 60 years to 65 years and continue up to the age of 70 year.

APY is open to all bank account holders who are not members of any statutory social security scheme.