The new notification, issued on Wednesday, will not apply to subscribers who have joined or joined the scheme before October 1, 2022
Currently, all Indian citizens between the age group of 18-40 years can join APY through bank or post office branches where one has a savings bank account.
APY, launched on June 1, 2015, provides old-age income security in the form of a minimum assured pension (ranging from Rs 1,000-Rs 5,000/month), in proportion to individual contributions.
It forms 70% or 38.2 million out of the 54.3 million total subscriber base under the fold of the National Pension System
There is a huge segment of PMJDY account holders (about 160 million with balances above Rs 1,000 in their account) that would be tapped to grow the APY segment.
However, the new notification, issued on Wednesday, will not apply to subscribers who have joined or joined the scheme before October 1, 2022.
Income taxpayers will not be allowed to enrol in the government’s social security scheme Atal Pension Yojana (APY) from October 1, according to a notification.