Atal Pension Yojana is a government-backed pension scheme in India targeted at the unorganised sector. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015.[1] It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata.[2] As of May 2015, only 11% of India's population has any kind of pension scheme, this scheme aims to increase the number.[3]
In Atal Pension Yojana, for every contribution made to the pension fund, the government will contribute an equal amount to his/her fund. Depending on the contribution made between 18 and 40, at the age of 60 a sum of 1,000, 2,000, 3,000, 4,000, or ₹5,000 will be paid monthly.[1][3]
This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme and the contributions will be deducted automatically. Most of these accounts had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.[3]
REF: https://en.wikipedia.org/wiki/Atal_Pension_Yojana
For More information at http://financialservices.gov.in/APY.asp
https://www.sbp.co.in/govt-business/pdf/APY_Brochure.pdf
http://www.15august.in/2015/03/how-to-apply-for-atal-pension-yojana.html
