Atal Pension Withdrawal Rules:- Atal Pension Yojana is a guaranteed pension scheme run by the government. Under this, the depositor gets a pension ranging from Rs 1,000 to Rs 5,000. You get three options to invest in this scheme.
This investment can be done monthly, quarterly or half-yearly. If you want to withdraw its money, then you can withdraw it in the following ways.
Atal Pension Yojana (APY) is a special pension scheme for the citizens of India, in which one can invest for retirement. Under APY, a minimum pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000 per month is guaranteed at the age of 60 depending on the contribution made by the subscriber.
After the age of 60 years – On completion of 60 years of age, the subscriber shall submit a request to the concerned bank to receive minimum monthly pension or higher monthly pension, if the investment returns are more than the guaranteed returns. APY.
On death of the subscriber, the same monthly pension is paid to his/her spouse (default nominee). On the death of both the nominated subscriber and the spouse, the accumulated pension money is returned till the age of 60 years.
Death of subscriber after 60 years due to any reason- In case of death of subscriber, pension will be paid to his/her spouse and in case of death of both (subscriber and spouse), pension will be paid to the subscriber . Customers up to the age of 60 years. The pension amount accumulated till the age will be returned to the nominee.
Exit before 60 years: Exit from the scheme before 60 years is not allowed. This can be permitted by PFRDA only in exceptional circumstances. Of course, there is no provision for premature exit in case of death of the beneficiary or terminal illness etc.
Death of subscriber before 60 years: Entire amount deposited under APY will be returned to the spouse/nominee. However, pension will not be payable to the spouse/nominee. The government launched NPS in 2004 for government employees.
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