All You Need to Know About Atal Pension Yojana Exit Policy

With an objective to secure the financial future of the individuals working in an unorganized sector. The Pension Fund Regulatory and Development Authority of India operates the Atal Pension Yojana Scheme. This pension scheme helps the individual to accumulate a fund for their retirement so that they can have a regular flow of income after 60 years.

Read more
  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

Get the best returns & make the most of your Golden years

We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company
Get Updates on WhatsApp
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold
Why we need your mobile number?
We need it to confirm more details about you and advise accordingly. Our licensed experts work for you, not the insurance companies, so their advice is entirely unbiased
— No sales pitches here

Individuals between the age group of minimum 18 years to a maximum of 40 years can apply for the scheme. This plan can be availed by anyone having a saving account in a bank or post-office. In case, an individual want to exit the scheme then they will have to follow a simple procedure to do so. Further here we have explained in detail the exit policy of Atal Pension Yojana

Steps to Exit from Atal Pension Yojana Scheme

The subscriber will need to follow the below-mentioned steps to exit from the APY scheme. 

  • The subscriber will need to visit the bank where the APY account is held.
  • He/she will need to fill the APY closure form and submit it.
  • Once the APY form is submitted, the subscriber will have to wait for all the procedure to be completed.
  • Once the bank processes the closure, the amount available in the account along with the applicable interest will be transferred into the bank account of the subscriber as provided at the time of purchasing the scheme. The bank will also send a notification message.

APY Closure Form Download 

To withdraw the fund voluntarily from APY account, the subscriber will need to fill the APY account closure form and submit it to the bank. The individual can avail the closure form from the respective bank or can download it from the NSDL website-

APY Closure Application 

Before, early exit in Atal Pension Yojana was only applicable in case of demise of the subscriber or terminal illness. However, now the APY scheme allows voluntary exit. In the closure Atal Pension Yojana scheme form, the subscribers need to give the savings account number, PRAN number and reason explaining the voluntary withdrawal that could be:

  • Need the funds urgently.
  • Not able to contribute further.
  • Any other reason.

Once the subscriber submits the closure application, the bank will have to provide an acknowledgement to the subscriber. 

People Also Read: Pension Plans

Atal Pension Yojana Refund Process

There can be certain deductions applicable to the APY balance. The amount co-contributed by the government and the income earned on it will not be returned, while contribution made by the subscriber along with total actual income earned after deduction of account maintenance fees and asset management fees will be paid back to the subscriber. In case of closure of APY account due to death or subscriber or terminal illness, no deduction will be applicable and both the subscriber and government contribution along with the income amount will be paid back. 

Atal Pension Yojana Withdrawal Procedure 

Let’s take a look at the different exit process of APY scheme. 

In case the subscriber reaches the age of 60 years:

Once the subscriber reaches the age of 60 years, he/she will need to submit a withdrawal request for either higher monthly pension or guaranteed minimum monthly pension to the bank where the APY account is held. If the returns are higher as compared to the guaranteed returns then the subscriber will receive the higher monthly pension. In case of demise of the subscriber, the equal amount of monthly pension will be paid to the spouse. Any other beneficiary will be eligible to avail the annuity amount in case of demise of both the subscriber and spouse. 

In case of demise of a subscriber after reaching the age of 60 years:

 In case of demise of the subscriber after attaining the age of 60 years, the spouse will get the pension amount. The other beneficiary of the scheme will receive the pension amount only after the demise of both subscriber and the spouse. 

In case of demise of the Subscriber before reaching the age of 60 years: 

 In case of demise of the subscriber before attaining the age of 60 years, the spouse can continue with the account. The account will be transferred in the name of the spouse and they will need to make the contribution till the subscriber would have attained the age of 60 years. The pension amount payable to the spouse will be the same as it would have been to the subscriber. 

In case the spouse discontinues the scheme, the entire accumulated fund will be returned to the spouse or beneficiary of the scheme. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:-

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&A Applied
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Secure your Retirement today!
+ Standard T & C Apply*
Pension Calculator
Pension Calculator
How much do you need to save for retirement?
₹ 20,000
₹ 25,000
₹ 30,000
Monthly Expenses in 2023
Edit Done
Your expense go up every year by
Today 2023 Your expenses today in 2023, at the age of 34 Yrs
Your expenses in 2043, at the age of 55 Yrs
For a monthly pension of ₹77,300
you need to invest
Calculated as per past performance of 15%
View Plan Recalculate?

Pension plans articles

Recent Articles
Popular Articles
NPS vs ULIP - Which One Is Better?

10 Oct 2023

NPS (National Pension System) and ULIP (Unit Linked Insurance
Read more
Best Mutual Funds for Retirement

21 Sep 2023

Planning for a secure and comfortable retirement is a financial
Read more
Mahila Samman Savings Certificate (MSSC)

04 Sep 2023

The Mahila Samman Savings Certificate (MSSC) or Mahila Samman
Read more
Single-Premium Pension Plan

28 Aug 2023

Single-Premium Pension Plan is a type of pension plan in which
Read more
Inflation Impact on Pension

12 Jul 2023

Inflation is an economic process that affects various aspects of
Read more
Sevarth Mahakosh
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more
How to Unfreeze NPS Account?
Are you facing trouble accessing your NPS account and being unable to deposit your recurring subscription? Do not
Read more
NPS Calculator for Government Employees
National Pension Scheme or National Pension System (NPS) is launched by the Government of India for all its
Read more
NPS Calculator 2023
An NPS Calculator is an online tool used to estimate the future value of contributions made under the National
Read more
Post Office NPS Calculator 2023
National Pension System is a scheme launched by the Government of India that offers stability to all Indian
Read more

Download the Policybazaar app
to manage all your insurance needs.