APY: This is a guaranteed pension scheme run by the government. Under this, the depositor gets a pension of 1,000 to 5,000 rupees.
Atal Pension Yojana (APY) is a pension scheme for the citizens of India, which focuses on workers in the unorganized sector. Under APY, a guaranteed minimum pension of 1,000 or 2,000 or 3000 or 4000 or 5000 per month at the age of 60 years is guaranteed, depending on the contribution by the subscriber. If you have an account under this scheme and you want to withdraw money, then know here what is the process.
After 60 years of age – On completion of 60 years, the subscriber will request the concerned bank to get the guaranteed minimum monthly pension or higher monthly pension, if the investment return is more than the guaranteed return embedded in the APY. An equal amount of monthly pension is paid to the spouse (default nominee) on the death of the subscriber. The nominee will be eligible for the refund of the pension money accumulated till the age of 60 years on the death of both the subscriber and the spouse.
In case of death of the subscriber due to any reason after the age of 60 years – In case of death of the subscriber, the pension will be available to the spouse and on the death of both of them (the subscriber and the spouse), the subscriber will attain the age of 60 years. The pension amount deposited till age will be returned to the nominee.
Exit before 60 years of age: No exit from the scheme is allowed before 60 years of age. This can be permitted by PFRDA only in exceptional circumstances. That is, the provision of premature exit in the event of death of the beneficiary or incurable disease etc.
On death of the subscriber before 60 years: The entire deposit amount under APY will be returned to the spouse/nominee. However, pension will not be payable to the spouse/nominee.
Subscribers in Atal Pension Yojana have the facility to exit the scheme. If a subscriber wants to exit the scheme on completion of time, then he should ensure that his savings bank account is still active through which the contribution was being made. With this, the withdrawal process will be easy and the money will be deposited in the bank account on time.
