Just after their marriage, 21-year old Vinay decides to avail Atal Pension Yojana (APY) benefits for him and also for his 18-year old wife Vinita. Out of the options to contribute for monthly pension ranging from Rs 1,000 to Rs 5,000 for each of them, they choose monthly guaranteed pension Rs 5,000 for each of them, which will start when they become 60 years old respectively. Not only monthly pension of Rs 5,000 each, there will be an accumulated corpus of Rs 8.5 lakh each, payable to their respective nominees, for which Vinay needs to contribute Rs 269 per month and Vinita Rs 210 per month. So, by just paying Rs 479 per month, the couple will get guaranteed monthly pension of Rs 10,000 together as well as a corpus of Rs 17 lakh, which will be payable to their nominee(s) after their demise. Launched in June 2015 by the government, the pension scheme is especially designed for benefit of the workers in the unorganised sector like personal maids, drivers, gardeners etc. However, to avail the benefits, an applicant should be a citizen of India aged between 18 and 40 and who has a bank account and a valid mobile number. Existing Swavalamban subscribers, who are between 18-40 years of age, will be automatically migrated to APY. People may approach the bank branch\/post office where their savings bank account is held or may open a savings account and fill up the APY registration form in order to make APY contributions. Instead of visiting a bank or post office, a person may also get enrolled for APY through savings account directly using internet banking and choose auto debit facility for contributions. There are options to get Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs 5,000 per month as guaranteed pension under this plan. Contributions will depend upon the age and the monthly pension opted and may be payable on monthly, quarterly or half yearly basis. For those who joined APY before 31.12.2015 and who are neither income tax payee nor covered under any other statutory social security scheme, the Central government used to make 50 per cent of the total prescribed contribution by a worker, up to Rs 1,000 per annum for five years as co-contribution. Pension Funds appointed by PFRDA manage the amount collected under APY contributions as per the investment pattern specified by the government. The CAGR during accumulation period would be around 8 per cent, assuming that 7 per cent interest on corpus amount is paid to the contributors as guaranteed pension.