APY Closure Form: How Do I Close the Atal Pension Yojana Account Online?

The Atal Pension Yojana (APY) is a pension plan introduced by the government that helps private sector workers save money for their old age. The plan is meant to get people to save for retirement over a long period, but sometimes, someone needs to close their APY account. This is when the subscriber of the scheme uses the APY closure form.

Purpose of the APY Closure Form

The primary goal of the APY closing form is to make it simpler for subscribers to shut their APY accounts on their own. It is an official request to the Pension Fund Regulatory and Development Authority (PFRDA) and the subscriber's Pension Fund Manager (PFM) to cease the subscriber's membership in the plan and return the accumulated wealth to the subscriber.

Eligibility Criteria for Closing an APY Account

To be qualified for closing an APY account, the user must meet certain conditions:

1. Minimum Contribution time: The user should have attained the age of 60 years.
2. Death of the subscriber: The subscriber dies before age 60.
3. Voluntary exit: Voluntary exit is allowed only in a few specified circumstances, such as specified illness.

APY Closure Process

The process of closing an APY account includes the following steps:

• APY Closure Form: You can get the APY closure Form from the subscriber's Pension Fund Manager (PFM) or you can download it from the website of NPS CRA.
• Fill Out the Form: Complete the APY account closure form accurately, providing all of the necessary information.
• Attach Supporting Documents: Attach the necessary supporting documents, including proof of name, age, address, etc.
• Submit the Form: Submit the completed APY exit form and the supporting documents to the PFM.
• Verification and Processing: The PFM will verify the request and begin the account closure procedure, which may take weeks to complete.
• Receive accrued Pension Wealth: The user will receive their accumulated pension wealth once the process is complete.

How to Fill APY Closure Form?

When filling out the APY closure form, it is crucial to take the utmost care. The following information is required to be filled in the form:

•  Personal and Account Details: Ensure that personal and account information is correctly entered, together with the date of birth, APY account number and PRAN.
• Reason for Closure: Clearly state the cause for the account closing, which incorporates the choice to exit, loss of life of the member, or any other reason.
• Bank Account Information: Provide complete bank account details, including account number, IFSC code, and branch code, to allow the transfer of the amassed earnings wealth.
• Signature and Date: Affix your signature and date to the form.

Documents to Submit When Closing APY Account

When submitting an APY account, the person will also be required to submit the following documents alongside the APY closure form:

• Proof of Identity
• Proof of Age
• Proof of Address
• Rejected Cheque or Bank Statement 
• Death Certificate

Also Read About:
Atal Pension Yojana Calculator
APY Scheme Eligibility & Benefits