The Atal Pension Yojana (APY) is a social security scheme launched by the Government of India, aimed at providing a guaranteed pension to subscribers after they attain the age of 60 years. It primarily targets workers in the unorganized sector who do not have access to formal pension schemes. The scheme encourages individuals to save for their retirement by making regular contributions during their working life.

Harco Bank facilitates the enrollment and management of APY accounts for its customers. The amount of pension received depends on the contributions made and the age of joining the scheme. The government also co-contributes a certain percentage for eligible subscribers, making it an attractive retirement savings option.

Subscribers can voluntarily exit from the APY scheme before the age of 60, provided they have completed a minimum subscription period. Upon exit, the accumulated corpus will be paid back to the subscriber along with the interest earned on their contributions, after deducting account maintenance charges.

However, premature exit is generally discouraged as the scheme is designed for long-term retirement savings. In case of death of the subscriber before 60, the spouse can continue the scheme or claim the accumulated corpus. Upon the death of both subscriber and spouse, the accumulated corpus is returned to the nominee.