APY Account Closure Process: Atal Pension Yojana also has a provision to close before maturity.
How to Close APY Account: Among various investment options for retirement, the Atal Pension Yojana (APY) is also becoming very popular. This can be gauged from the fact that so far 2.75 crore subscribers have been associated with this scheme. The scheme was launched by the central government in 2015. In the current financial year itself, more than 52 lakh new subscribers have joined the Atal Pension Yojana. APY is a guaranteed pension scheme of the government. Under this, people associated with the scheme are offered triple benefit since the age of 60 years. When the scheme was started, no provision was added to the scheme before maturity, but later this facility was also given to the investors. Know about this plan and the process of getting out of it… ..
Under APY, any citizen of the country from 18 years to 40 years can avail. After joining the scheme, he has to contribute monthly in this scheme till he attains the age of 60 years. This contribution is decided based on the age of the subscribers. Subscribers are guaranteed pension under the scheme. To open this scheme, it is necessary to have a savings account in a bank or post office. It can be opened by going to any bank.
Monthly pension up to Rs 5000
There are different slabs of pension under Atal Pension Yojana after the age of 60, in which there is a provision of maximum pension of Rs 1000 to Rs 5000. It is up to the subscribers to choose which slab of pension. Accordingly, his contribution is decided. After the death of the shareholder, the wife or husband is guaranteed equal pension. Also, there is a provision to return the funds to the nominee.
Account closure process
APY Account Closure Form: If you want to get out of the plan before maturity, then it also has its facility. You can opt out of planning anytime before you turn 60. For this, the APY account closure form has to be filled and submitted in the bank account in which you are. In this form, you can also write the reason for voluntary exit. After checking your form in the bank, your account is closed. After which your refund will come to your surviving account.
You can also download online: You can also download the APY account closure form from NSDL website https://www.npscra.nsdl.co.in/nsdl-forms.php.
What information on the form: Earlier there were some conditions to get out of APY like in case of any major illness or the death of the subscriber. But later the option of voluntary exit was also found. In the account closure form, your PRAN number, details of savings account and reason for withdrawal are to be given.
First of all, banks see how much money is deposited in your account. Also, the bank will check how much the government has contributed. The contribution made by the government and the income made on it will not be refunded. The cost of maintaining the account will also be deducted from your account. After this, your remaining funds will be transferred to your savings account.
But if you want to discontinue APY in case of any serious illness or death, then nothing is deducted. Along with the income, both the contribution of the subscriber and the government are returned.