Under this scheme, any person who is a citizen of India can open an APY account in a designated bank and must contribute between INR 42 to INR 210 on monthly basis. Once the applicant is over 60 years of age, he will get a pension between INR 1000 and INR 5000. The government contribution in the pension is INR 1000 per annum or 50% whichever is lower for period of 5 years. This government contribution is only for beneficiaries who are not covered by any other statutory social security schemes and are not income tax payers.