The Atal Pension Yojana was introduced earlier this year by the Finance Minister Arun Jaitley. It is a new pension scheme, started by the Government of India, to help applicants pay a little cash amount to the pension account to fund their retirement when they reach the age of 60 years. The idea behind this scheme is to provide an assured return, in the form of a pension on monthly basis to the individual. If the individual who holds the pension account, unfortunately dies before 60 years then the amount in the account will be transferred to his/her spouse.
How to close Atal Pension yojana account:
Atal pension yojana is now cross the 1.09 crore subscriber. But the many subscribers want to close the Atal Pension Yojana account. In this post, I will tell you that how to close your Atal Pension Yojana account and also provide a closure form which you can download to close your Atal pension Yojana account.
Follow the step which I mention below:
- You need a closure form for close the Atal Pension Yojana account
- Go to your bank wherein you have the Atal Pension Yojana account.
- Request for a closed form for the account, fill the form correctly with all the required details.
- Submit the form to your bank, and wait for them to follow procedures.
- The bank will process the closure and provide the money and interest it earned into your savings bank account you have provided to them. And you will be notified of the same.
here is the video which I provide you to make more understandable in Hindi;
Download Closure Form from here – Click here to download
How the bank procedure work in the closing of you Atal pension Yojana Account:
Once the bank receives your application for closing the Atal Pension Yojana account, they will calculate the contributions made by you into the account and also the amount contributed by the government as well. The interest in the amount of your contribution and the government’s contribution has accumulated will also be calculated. Your contribution and the government’s contribution will be separated, the contribution made by you with interest earned will be handed to you, after deducting the charges for maintaining the Atal Pension Yojana account for you by the bank. And the remaining will be handed to you. The separation of your contribution and the government’s contribution is done so that the bank’s charges do not get deducted from the government’s contribution as well.
All the above-mentioned steps and procedures are for a voluntary exit. But the Atal Pension Yojana has an involuntary exit as well. Under the involuntary exit, there are two conditions under which premature closure is allowed, these are in case of death, or due to an illness.
In case of the unfortunate demise of the account holder, the Atal Pension Yojana account will be closed. Any member of the family will need to provide relevant documents of the account holder’s death to the bank in which the account was maintained. The bank will then process the closure procedures. The money deposited and interest earned will be payable to the nominee.
In case the account holder has any terminal or critical illness and requires the money for treatment of the medical expenses. If the account holder can show proper documentation and medical records then, this account can be closed. The bank will also need these documents to process the closure of the account.
The closing of the Atal Pension Yojana account is by far easy, the only effort needed is to actually go to the bank in which you hold the account.
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Don’t forget to check our hindi tutorial video for closing the Atal Pension Yojana account