Atal Pension Yojana (APY) is a pension scheme for citizens of India, focused on the unorganized sector workers. It is based on the National Pension Scheme (NPS) framework, and a Permanent Retirement Account Number (PRAN) is provided to the subscriber immediately by the branch. The scheme is open to all bank account holders, and any citizen of India aged between 18-40 years can enroll.

Under the APY, a guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000/- is provided. The contribution may be paid to APY through savings bank account/ post office savings bank account on any date of the particular month, in case of monthly contributions or any day of the first month of the quarter, in case of quarterly contributions or any day of the first month of the half year, in case of half-yearly contributions.

The subscriber will receive periodical information regarding activation of PRAN, balance in the account, contribution credits, etc. through SMS alerts, and a physical statement of the APY account will be provided to the subscribers annually. The subscriber can opt to decrease or increase the pension amount during the course of the accumulation phase, once a year.

In summary, APY is a pension scheme for citizens of India, focused on the unorganized sector workers, and based on the NPS framework. It provides a guaranteed minimum pension, and the subscriber can pay contributions through savings bank account/ post office savings bank account. The subscriber will receive periodical information regarding the account and can opt to decrease or increase the pension amount during the accumulation phase.