“At a time when the interest rate on various fincial instruments including savings bank is declining, Atal Pension Yoja 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. The PFRDA’s objective is to cover the maximum possible population uncovered by any pension scheme under the APY scheme so that India can move from a pension-less to a pensioned society and the citizens can live a life of dignity in their vulnerable years, the statement noted. The State Bank of India (SBI) has 51,000 APY accounts and other prominent banks like Cara Bank has 32,306 APY accounts while Andhra Bank has 29,057 APY accounts. The PFRDA recently organised a tiol-level pension mobilisation campaign “One tion One Pension” from August 2-19. (IANS)
