Atal Pension Yojana: Atal Pension Yojana has been started by the Prime Minister of the country, Shri Narendra Modi. This scheme is also called APY. Citizens of 18 years to 40 years can take the benefit of the scheme .
In this scheme, the citizen has to fill a fixed amount which has to be deposited till the age of 60 years. After completion of 60 years of the citizen, they are provided pension ranging from 1000 rupees to 5000 rupees every month for the rest of their life . If you have a scheme account and you want to withdraw money from it, then we will tell you about its process.
Citizen will request for guaranteed minimum monthly pension or higher monthly pension in the concerned bank after completion of 60 years if the investment return is more than the guaranteed return embedded in the APY. On the death of the user, the equivalent amount of monthly pension is provided to the spouse. On the death of both the nominee user and the spouse, the pension accumulated till the age of 60 years will be eligible for refund.
In case of death of the subscriber after the age of 60 due to any reason
In case of death of the subscriber after the age of 60 due to any reason, the pension will be available to the spouse and in case of death of both the subscribers, then the entire deposit amount will be given to the nominee after the user attains the age of 60 years.
Exiting the scheme before the age of 60 years
No subscriber is allowed to exit the plan before the age of 60 years. This will be allowed by PFRDA only in exceptional circumstances i.e. in case of death of the beneficiary or similar critical illness etc. Pre-mature exit provision will be made.
If the subscriber dies before the age of 60
If any subscriber dies before the age of 60 years, then the entire deposit amount is returned to the spouse or the nominee.
In Atal Pension Yojana, the subscriber has the facility to exit the scheme. If a subscriber wants to exit the scheme before the completion of time, he/she must ensure that his/her savings account is still active. Through which the contribution was being made, which will ease the withdrawal process and the money will be deposited in the bank account in time.
