People between 18-40 years of age can contribute to Atal Pension Scheme. One has to invest in it for 60 years and after 60, pension starts.
APY premature exit Rule: If you want to arrange regular income for old age, then Atal Pension Yojana can be helpful for you. Atal Pension Scheme is run by the Government of India. Any Indian citizen who is not a taxpayer can invest in Atal Pension Scheme. People between 18-40 years can contribute to Atal Pension Yojana. One has to invest in it for 60 years and after 60, pension starts.
Through this scheme of the government, pension ranging from Rs 1000 to Rs 5000 can be obtained. How much pension you will get depends on your investment. But suppose a person starts investing in Atal Pension Scheme and changes his mind after depositing the amount for a few years, then can the deposited amount be withdrawn in this situation? Know these rules related to Atal Pension Yojana-
Withdrawal can be made in these situations
Under Atal Pension Yojana, if an applicant wants to withdraw the deposited amount before the age of 60 years, then this facility is given to him in two ways.
1. In case of serious illness
If the applicant wants to withdraw the amount deposited in the scheme for the treatment of any serious or prolonged illness and they are not able to invest further in the scheme, then in this situation they can withdraw the deposited amount. In this situation, whatever amount they earn along with their deposits, the amount of government contribution and the returns received on it, comes into their account.
2. Voluntary Withdrawal
If there is no concrete reason for withdrawal, the applicant voluntarily wants to withdraw the funds by stopping the contribution in the scheme before the age of 60 years, then in this case the contribution is made to the subscriber after deducting the charges like account maintenance and investment management etc. The amount spent is given back with the return. In such a situation, there is no benefit of the amount contributed by the government or any kind of income on it.
Apply for APY like this
If you also want to apply under Atal Pension Yojana, then first of all open a savings account in a bank. If you already have a savings account in the bank, then you will have to get the application form of the scheme from there. Fill all the information correctly in the form like name, age, mobile number, bank account number etc. Attach all the necessary documents asked for. After this submit the form to the bank. After this all your documents will be verified and your account will be opened under Atal Pension Yojana.
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