Atal Pension Yojana reaches subscriber base of 62 lakh
30 Aug 2017 9:50 PM IST
New Delhi: The government's social security scheme Atal Pension Yojana (APY) has reached a subscriber base of 62 lakh in a time span of two years since its launch, an official statement said on Wednesday.
"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 per cent assured return for the subscribers and also the opportunity of higher earnings in case the rate of return is higher than 8 per cent at the time of maturity after staying invested in the scheme for 20-42 years," the Pension Fund Regulatory and Development Authority (PFRDA) said.
"Increasing enrolment is attributed to financialisation of assets and driving the people to pension products which has government implicit guarantee to give an assured pension to the subscriber, spouse and return of corpus to the nominee," it added.
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