Want to discontinue the Atal Pension Yojana? Learn what its rules are.

Atal Pension Scheme: If you've invested in the Atal Pension Yojana and now want to discontinue it, you can do so. Just complete the process by following a few important rules.

The government runs several schemes for people's financial security. One of these is the Atal Pension Yojana, which is designed to provide a regular income after retirement. If you're between 18 and 40 years old and not eligible for any other pension scheme, this plan is a good option for you.

Many people want to know how to discontinue the Atal Pension Yojana. What can be done if someone has to discontinue the Atal Pension Yojana for some reason? Let's explain the complete process.

People between 18 and 40 years old can join the Atal Pension Yojana. A fixed monthly premium is required, depending on your age and the pension amount chosen. When you turn 60, you receive a monthly pension of between ₹1,000 and ₹5,000.

The purpose of this scheme is to provide financial stability to individuals after retirement, ensuring they don't have to depend on others. For example, if a person joins the scheme at the age of 18 and chooses a pension of ₹5,000, they only need to deposit ₹210 per month. This amount increases slightly as they age.

The question now is whether it's possible to terminate the scheme mid-term. Yes, you can exit the scheme if needed. However, since the plan is designed for the long term, only a limited number of terminations are considered valid.

If someone needs to terminate the scheme for personal or financial reasons, they must visit the bank where they started the scheme and submit a written application to the relevant officer stating their wish to withdraw from the scheme.

The bank processes your request, and it is completed within a few days. According to the rules, when you close the plan, you only get back the amount you have deposited so far. You will not receive any interest earned on the plan or any government contributions.