What Is The Withdrawal Procedure From Atal Pension Yojana?

Under Atal Pension Yojana, the Indian government will contribute 50% for every contribution made by you to the pension fund. The minimum age to avail this scheme is 18 years and the maximum are 40 years.

The scheme Atal Pension Yojana (APY), will provide a defined pension, depending on the contribution, and its period of its beneficiaries. The APY will be focussed on all citizens in the unorganized sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).

Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY.

How to exit from APY?

If the subscriber reaches the age of 60:

Once the subscriber has reached the age of 60, he/she must submit a request to the bank where the APY account is held to withdraw the higher monthly pension or the guaranteed minimum monthly pension. The subscriber will receive a higher monthly annuity in case the returns are higher than the guaranteed returns. In the event of the death of the subscriber, the same amount of monthly pension will be paid to the spouse, who is the default nominee. Any other candidate will be eligible to receive the amount of the pension if the subscriber and the spouse die.

Leave the APY program before reaching the age of 60:

Within the framework of the APY program, the voluntary exit is authorized. If the subscriber has opted for the APY plan with a co-contribution from the government and opted for a voluntary exit from the APY plan at a later date, he/she will receive the contributions that have been paid to the plan with real income net earned. However, account maintenance fees will be deducted. The contribution paid by the government and the real net income earned on the contribution will not be reimbursed.

If the contributor dies before reaching the age of 60:

If the subscriber dies before reaching the age of 60, the spouse will be able to continue the account. The account will be in the name of the spouse and contributions must be paid until the original subscriber has reached the age of 60. The amount of pension that the spouse will receive will be the same as that which the subscriber would have received.
If the spouse does not choose to continue the program, the entire corpus accumulated in the APY account will be returned to the spouse or the representative.

What are the steps to close the Atal Pension Yojana?

These are the steps to close the Atal Pension Yojana:

• Contact the bank wherein you have the Atal Pension Yojana account.

• Request for a closure form for the account.

• Fill the form correctly with all the required details.

• Submit the form to your bank, and wait for them to follow procedures.

• The bank will process the closure and provide the money and interest it earned into you savings bank account you have provided to them. And bank will give you notification.

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