Atal Pension Yojana Account Closure Form
The Atal Pension Yojana (APY) scheme was started in 2015 to assist people who work in the informal economy. The Pension Fund Regulatory and Development Authority oversees all aspects of the APY plan. Workers in the unorganized sector can save money for retirement voluntarily under the scheme.
Enrolling in the plan at a young age allows you to save more money for retirement. The scheme’s minimum and maximum age requirements are 18 and 40 years.
How To Close Atal Pension Yojana Account
The following are the steps to exiting the APY scheme:
- You must go to the bank that holds the APY account.
- It is necessary to complete and submit the closing form.
- After submitting the form, you must wait for all of the procedures to be completed.
- When the bank processes the account closure, the money in the account, as well as any interest earned, will be transferred to the bank account that you specified. The bank will also send you a notification.
Withdrawal Procedure If Applicant Attains The Age Of 60 Years
Once the member reaches the age of 60, he or she must request withdrawal of the greater monthly pension or assured minimum monthly pension from the bank where the APY account is located. If the returns are higher than the guaranteed returns, the member will obtain a greater monthly pension. If the subscriber dies, the spouse, who is the legal nominee, will receive the same amount of monthly pension. If both the member and the spouse pass away, any other nominee will be able to receive the pension amount.
If you wants to close your Atal Pension Yojana Account, you can download the Atal Pension Yojana Account Closure Form PDF following by the link given below.
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