Atal Pension Yojana(APY) Closure Procedure

Atal Pension Yojana(APY)is a social security scheme intented for regular pension to unorganised sector workers. The subscriber can get a guaranteed pension from 1,000 rupees to 5,000 rupees depending on the premium he pays every month.

Atal Pension Yojana(APY)premium depends on the age of the subscriber. Till now, APY can’t be closed prematurely, but due to severe demand, Modi Government introduces “Premature Closure” of APY.

How to close Atal Pension Yojana a/c prematurely

  • If the subscriber wishes to close APY a/c, he has to visit concerned bank branch and request for “Atal Pension Yojana Closure Form”
  • Fill the form enclosing the reason for closure of APY in the interim and submit to the bank officials
  • The bank officials will cross check your APY contributions till date and submit request form to NSDL and PFRDA to close APY prematurely
  • Upon receiving request from the bank, PFRDA will check your details and process the transaction to the next level
  • It will take around 7-14 days to verify and credit the proceeds into your bank a/c
  • The proceeds will be credited after deducting portfolio management charges, service charges(if any)
  • Upon crediting APY funds into your concerned bank a/c, your APY a/c stands closed and you are no longer covered under the social security scheme.

In this way, you can close Atal Pension Yojana a/c. Do remember PFRDA will deduct some advisory charges for managing your a/c and credits the final corpus within 7-14 days after receiving closure request.

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