• APY was launched in 2015 by replacing Swavalamban scheme to create a universal social security system for all Indians, especially poor, under-privileged and workers in unorganised sector.
• All bank account holders in age group of 18 to 40 years.
• Subscriber would receive guaranteed minimum monthly pension of Rs 1,000 to Rs 5,000 per month after attaining age of 60 years, depending on contribution.
• Administered by Pension Fund Regulatory and Development Authority (PFRDA).
• Income tax payers present and past not eligible to join.