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The Union Ministry of Finance on Thursday said that over 99 lakh Atal Pension Yojana accounts were opened in the fiscal year ending March 2022, bringing the total enrolment under the scheme to Rs 4.01 crore.

Public-sector banks accounted for approximately 71 percent of enrolments, regional rural banks for 19 percent, private sector banks for 6 percent, and payment and small finance banks for 3 percent.

As of March 31, 2022, nearly 80 percent of those enrolled in the Atal Pension Yojana (APY) had chosen a Rs 1,000 pension plan, while 13 percent had chosen a Rs 5,000 pension plan.

The Pension Fund Regulatory and Development Authority administers the Atal Pension Yojana, which is the government of India’s guaranteed pension scheme (PFRDA). The scheme allows any Indian citizen between the ages of 18 and 40 to participate by visiting a bank or post office branch where they have a savings bank account.

A subscriber would receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month from the age of 60, depending on his contribution, under the scheme. After the demise of the subscriber, the same pension would be paid to the subscriber’s spouse, and upon the demise of both the subscriber and spouse, the pension wealth accumulated by the subscriber up to the age of 60 would be returned to the nominee.

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