KGB Makes it Big with 6400 APY Enrolments in a Single Day

KOCHI:
Kerala Gramin Bank, one of the 43 Regional Rural Banks functioning in the country, has made another breakthrough witha record 6403 single-day APY enrollments on 20.09.2021.

Atal Pension Yojana (APY) is a Government guaranteed pension scheme started in the year 2015, mainly aimed at the old-age security of the poor and middle income group. Any person aged between 18 to 40, having a bank account and Aadhaar number can be rolled into the Yojana with a monthly subscription amount starting from Rs.42.

The subscription amount varies in accordance with the subscriber’s age at the time of enrolment and the pension amount opted by him/her.Upon completing the age of 60 years, the subscriber will start receiving a guaranteed monthly pension amount ranging from Rs.1,000 to Rs.5,000. Even after the death of the pensioner, the same amount of pension will continue to be received by the spouse and after the death of the spouse, a lump sum amount of Rs.1.75 lakh to 8.50 lakh will be paid to the nominee.

More than 17.5% of the state’s total APY is sourced by Kerala Gramin Bank (Out of the total 6.6 lakh enrolments in Kerala, KGB contributed 1.18 lakh).