APY (Atal Pension Yojana) is a social security pension scheme introduced by Government of India for creating universal social security system for all Indians.
APY is open to all CSB Savings Bank Account holders in the age group of 18 to 40 years..
Government of India'’s co-contribution of 50% of the total contribution or Rs.1000/- per annum, whichever is lower will be provided to eligible individuals (Other than Income Tax Payers and members of any statutory security schemes) for a period of 5 years who enroll in the scheme on or before March 31, 2016. The Aadhaar card would be the primary KYC document for identification of beneficiaries to make the process simpler.
Subscribers can chose between a monthly pension of between Rs. 1000 - Rs. 5000 and the premiums are due to be paid monthly/quarterly/half yearly. In case of death of the Subscriber due to any cause, pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.