Atal Pension Yojana | Atal Pension Yojana receives 62 lakh enrolments 

More than 62 lakh subscribers have become members of the Atal Pension Yojana (APY) till date in the past two years since the launch of the scheme. A total of 3.07 lakh APY accounts have been sourced under One Nation One Pension said a government release on Wednesday.
 
The stellar performance of the banks under the campaign includes some of the largest banks in the country namely, State Bank of India sourcing a stupendous 51,000 APY accounts and other prominent banks like Canara Bank which has sourced 32,306 APY accounts, Andhra Bank enrolled 29,057 accounts.
 
In other private banks category, Karnataka Bank enrolled 2,641 APY accounts, in Regional Rural Banks category, Allahabad UP Gramin Bank enrolled 28,609 accounts followed by Madhya Bihar Gramin Bank at 5,056 accounts, Baroda Uttar Pradesh Gramin Bank at 3,013 accounts, Kashi Gomti Samyut Gramin Bank at 2,847 accounts and Punjab Gramin Bank at 2,194 APY accounts.
 
At a time when the interest rate on various financial instruments including savings bank is declining, Atal Pension Yojana as a pension scheme offers a guaranteed rate of 8% assured return for the subscribers and also the opportunity of higher earnings in case the rate of return is higher than 8% at the time of maturity, after staying invested in the scheme for 20-42 years, the release said.
 
Increasing enrollment is attributed to financialisation of assets and the government drive to create awareness about pension products, along with  Government of India’s implicit guarantee to give an assured pension to the subscriber, spouse and return of corpus to the nominee, it added.

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