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  • How to Withdraw from Atal Pension Yojana Account

    Atal Pension Yojana is a pension scheme that was launched by the Government of India on February, 2015. It is aimed at workers of the unorganized sector in India as they usually do not have any pension plans and find it difficult to sustain their living once they retire. Hence, the government launched this central pension scheme which can offer them with pensions of INR 1,000 to INR 5,000 per month once they reach the age of 60 and retire, and they will only need to contribute small amounts of money every month till the age of 40 to avail monthly pension.

    Overview of Atal Pension Yojana

    Atal Pension Yojana requires the subscribers to make contributions starting from the age of 18 and till the age of 40. The contribution amounts can range from INR 42 to INR 1454 and can be made for 20 years. The pension amounts will be paid on a monthly basis to the subscribers once they reach the age of 60. You can provide your Aadhar card number and your phone number to enrol in this scheme but it is not mandatory to provide Aadhar details for subscribing to this pension scheme. If you are covered by any of the existing social welfare schemes prevalent in the country such as the Employees’ Provident Fund Act of 1952, the Assam Tea Plantation Provident Fund Act of 1955, the Jammu Kashmir Employees’ Provident Fund Act of 1961 etc. not covered by this pension scheme.

    How to Withdraw From Atal Pension Yojana?

    Once you subscribe to the Atal Pension Yojana, the monthly contribution amount will be automatically deducted from your bank account. The monthly pension amount of INR 1,000 to INR 5,000 will only be paid every month once you reach the age of 60. It is most likely that the pension amount will be credited to your specified bank account and then withdraw the amount to utilize it for your expenses. However, there is no option to withdraw from Atal Pension Yojana that you deposit prematurely and you cannot stop making the contributions. In fact, if there is any delay in making the contributions or if there is insufficient balance in your account, you will be charged a penalty of INR 1 – INR 10. In case of your death, the amount deposited will be paid to your nominee along with other benefits offered with the scheme.

    The table below gives an idea of the amount of money that you will need to contribute every month to enjoy monthly pensions of INR 1,000 – INR 5,000.

    Age at which you start contributing Number of yrs that you contribute Pension of INR 1,000 per month Pension of INR 2,000 per month Pension of INR 3,000 per month Pension of INR 4,000 per month Pension of INR 5,000 per month
    18 yrs 42 yrs INR 42 INR 84 INR 126 INR 168 INR 210
    19 yrs 41 yrs INR 46 INR 92 INR 138 INR 183 INR 228
    20 yrs 40 yrs INR 50 INR 100 INR 150 INR 198 INR 248
    21 yrs 39 yrs INR 54 INR 108 INR 162 INR 215 INR 269
    22 yrs 38 yrs INR 59 INR 117 INR 177 INR 234 INR 292
    23 yrs 37 yrs INR 64 INR 127 INR 192 INR 254 INR 318
    24 yrs 36 yrs INR 70 INR 139 INR 208 INR 277 INR 346
    25 yrs 35 yrs INR 76 INR 151 INR 226 INR 301 INR 376
    26 yrs 34 yrs INR 82 INR 164 INR 246 INR 327 INR 409
    27 yrs 33 yrs INR 90 INR 178 INR 268 INR 356 INR 446
    28 yrs 32 yrs INR 97 INR 194 INR 292 INR 388 INR 485
    29 yrs 31 yrs INR 106 INR 212 INR 318 INR 423 INR 529
    30 yrs 30 yrs INR 116 INR 231 INR 347 INR 462 INR 577
    31 yrs 29 yrs INR 126 INR 252 INR 379 INR 504 INR 630
    32 yrs 28 yrs INR 138 INR 276 INR 414 INR 551 INR 689
    33 yrs 27 yrs INR 151 INR 302 INR 453 INR 602 INR 752
    34 yrs 26 yrs INR 165 INR 330 INR 495 INR 659 INR 824
    35 yrs 25 yrs INR 181 INR 362 INR 543 INR 722 INR 902
    36 yrs 24 yrs INR 198 INR 396 INR 594 INR 792 INR 990
    37 yrs 23 yrs INR 218 INR 436 INR 654 INR 870 INR 1,087
    38 yrs 22 yrs INR 240 INR 480 INR 720 INR 957 INR 1,196
    39 yrs 21 yrs INR 264 INR 528 INR 792 INR 1,054 INR 1,318
    40 yrs 20 yrs INR 291 INR 582 INR 873 INR 1,164 INR 1,454
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