Uttar Pradesh has the highest number of people contributing to APY.
APY Scheme: The central government started the Atal Pension Scheme, a special scheme for retirement about six years ago. This scheme became so popular that till now about 2.75 crore subscribers have been added to it. In the current financial year itself, more than 52 lakh new subscribers have joined the Atal Pension Scheme (APY). Most of the people of Uttar Pradesh have adopted this scheme. According to data from Pension Fund Regulatory and Development Authority (PFRDA), 42,46,137 people have registered under APY by 30 January 2021.
The special thing is that only people living in India have not registered under APY. According to PFRDA data, 2655 NRIs and others subscribed to it till 30 January 2021. Despite being the fifth largest state in the country in terms of population, Madhya Pradesh ranks eighth in terms of APY subscribers.
Less prevalent in Northeast states except Assam
Talking about Northeast India, less people adopted APY scheme in other states except Assam. According to PFRDA data, 613458 people subscribed to APY in Assam till 30 January 2021 while 21649 in Arunachal Pradesh, 36061 in Nagaland, 34668 in Manipur, 15328 in Mizoram, 29970 in Meghalaya and 96123 in Tripura subscribed APY.
Less attraction in Kerala and Telangana in South
In Tamil Nadu, 21,06,586 people are contributing under APY while in Andhra Pradesh 18,02,043 people and in Karnataka 17,98,057 people. In comparison, only 5,90,158 people in Kerala are securing their future through APY and 6,94,270 people in Telangana and just 51,517 in Puducherry are APY subscribers. This figure is till 30 January 2021.
More subscribers in Bihar and Bengal after UP
UPY had the largest number of subscribers of APY till 30 January 2021 in the country. After this, the most attraction of APY was in Bihar. Around 26,08,529 people from Bihar are contributing to the API while 22,29,551 people in West Bengal.
Status of the five most populous states
According to the 2011 census, Uttar Pradesh is the most populous state in the country. Uttar Pradesh is followed by Maharashtra, Bihar, West Bengal and Madhya Pradesh. Talking about APY subscribers in these states, the maximum number of subscribers are in Uttar Pradesh but Maharashtra is fourth in terms of APY despite being the second most populous state. As of 30 January 2021, 21,94,282 people subscribed to it in Maharashtra. Bihar and West Bengal are second and third in terms of API subscribers. Despite being at the fifth place in the country in terms of population, it is at the eighth position. According to PFRDA, 16,61,646 people are associated with APY from MP.
Features of APY Scheme
- Under the APY, any Indian citizen of the age of 18-40 years can avail this scheme.
- Contributions are to be made on monthly, quarterly or half yearly basis till the age of 60 years.
- After the completion of 60 years of age, a monthly pension ranging from Rs 1 thousand to Rs 5 thousand is received. This pension amount is guaranteed.
- Can be opened in any bank or post office.
- In case of death of the investing person, there is a provision for getting pension to the children in case of death of his wife and wife.
- Starting from an early age, one has to contribute less.