A few weeks ago, while I was sitting at the bank, I noticed a customer who seemed a bit confused about how to close Atal Pension Yojana (APY) account. They had been contributing to the scheme for years but needed to close it due to some personal reasons. I could see they were unsure about where to start, and it reminded me of how overwhelming these procedures can feel if you’re not familiar with the steps.

As I watched the bank staff assist them, I realized that, even though I had worked in banking for years, many people are unaware of the specific process involved in closing their APY account. The customer was able to successfully close the account after following a few simple steps, both online and offline.

I decided to learn from this experience and share the process in detail. Here’s a step-by-step guide on how to close atal pension yojana account smoothly, just like that customer did, without any hassle.

Complete guide to closing Atal Pension Yojana account with all required steps.
Steps to Close Atal Pension Yojana Account

Reasons for Closing Your APY Account

  1. Death of Subscriber: The spouse or nominee can either close the account and receive the accumulated funds or continue the account
  2. Premature Exit (Before Age 60):
    • Due to Serious Illness: The subscriber can exit and receive the accumulated funds
    • Voluntary Exit: The subscriber only gets back their contributions (minus government contributions).
Step-by-step flowchart showing online and offline process to close Atal Pension Yojana account
Follow the step-by-step process to close your Atal Pension Yojana account either online or offline.

How to Close Atal Pension Yojana Account Online

Step 1: Log In to Your Bank or APY Website

  • Log in to your bank’s online portal or the official Atal Pension Yojana website.
  • Navigate to the “Account Management” or “Atal Pension Yojana Account Closure” section.

Step 2: Fill the Online Closure Form

  • Enter your PRAN → Select reason for closing (example, voluntary exit or critical illness or Death) → your bank account details.
  • Attach required documents such as:
    • Aadhaar card and PAN card (KYC proof)
    • Medical certificate (for illness-based exit)
    • Death certificate (for nominee claims)
💡
Tip: Ensure all uploaded documents are clear and legible to avoid delays in processing.

Step 3: Submit and Track Your Request

  • Submit this request online and note the acknowledgment/reference number for tracking.
  • Keep a copy of this reference number as proof of your close request, it will help you to follow upin the future.

Step 4: Processing Fund Transfer

The bank processes your request, deducts applicable fees, and transfers the remaining amount to your registered bank account.

💡
Expert Tip: If you’re closing the account due to a medical emergency, make sure to upload an up-to-date medical certificate. This will help in faster processing.

How to Close Atal Pension Yojana Account Offline

Step 1: Visit the Bank Branch

Go to the branch where your APY account is held.

Step 2: Collect the APY Account Closure Form

Request the form and fill in the necessary details, including your PRAN and bank account information. Also you can download closing form from official websit.

Step 3: Attach Required Documents:

  • For voluntary exit:
    • Aadhaar card or PAN card.
    • Bank passbook or canceled cheque.
  • For specified illness exit:
    • Medical reports or certificates confirming the illness.
  • Specified illnesses are: as per official PFRDA Regulations 2015.
    • Stroke (brain injury)
    • Pulmonary Arterial Hypertension (serious lung disease)
    • Organ transplant (major surgery)
    • CancerHeart bypass surgeryComa (unconscious state)
    • Kidney failure (End Stage Renal Failure)
    • Heart valve surgeryMultiple Sclerosis (nerve damage)
    • Total blindness (loss of vision)
    • Serious or life–threatening accident
    • Aorta surgery (heart blood vessel surgery)
    • Paralysis (loss of movement)
    • Heart attack (Myocardial Infarction)
    • Any other life-threatening illness as decided by the authorities.

Step 4: Submit the Form and Documents

Hand over the completed form and documents to the bank official. Make sure you receive an acknowledgment receipt.

Step 5: Receive Acknowledgment

The bank will provide a receipt confirming the details of your request. Keep this receipt for your records.

Step 6: Await Final Processing

Upon approval, the funds will be credited to your bank account. The closure may take a few working days, could be 15 days, so be patient.

💡
Expert Tip: If you are submitting documents for illness-based exit, it’s crucial to include all necessary medical reports to avoid any complications.

Key Points to Remember

  • Check Account Status: Always check if your Atal Pension Yojana account is active before initiating the closure.
  • Government Contributions: Voluntary exits only return your contributions and interest; government co-contributions are non-refundable.
  • Online vs Offline:Use online methods if you prefer quicker processing and document uploads.

By following these steps, you can easily manage the APY account withdrawal process and ensure a smooth closure experience.

Frequently Asked Questions (FAQs)

What if I can’t find my PRAN?

Lost your PRAN? No worries! Here’s what you can do:
1. Contact your bank: Reach out to the bank where your APY account is held. They’ll assist you in recovering your PRAN through their online or offline process.
2. Recover it online: You can also recover your PRAN online! Just follow these steps:
1. Visit the official APY site.
2. Select “Click to search without PRAN”.
3. Enter your Subscriber Name, Bank Account Number, and Date of Birth.
4. From the dropdown, select “APY ePRAN and Master view”.
5. Solve the captcha and click Submit.

That’s it! You’ll get your PRAN in no time!

How long does it take to close an APY account?

The process can take up to 15-30 working days, depending on whether you go through the online or offline process. Always check with your bank for the specific timeline.

Can I close my APY account before I reach 60?

Yes, you can close it before age 60 due to reasons like serious illness or voluntary exit. However, government contributions will not be refunded in voluntary exit.

Conclusion

By following these steps, you can easily manage the APY account closure process, you can complete it easily and without any hassle. Whether you choose the online method or offline, just make sure that all the necessary documents are ready beforehand.

Understanding the process can help you save time and avoid any confusion. Hope this guide proves helpful for you

Why Trust This Information?

With years of experience in the banking sector at SBI Securities, I understand the importance of ensuring that your financial matters are handled efficiently and securely. This guide is based on official processes and my personal experience helping customers manage their accounts.

For further information, visit the official Atal Pension Yojana website for the most updated guidelines.

💡
Disclaimer: epfoservices.org is a private, non-governmental website providing educational content on government schemes. While we strive to present accurate information, please note that the details may change over time. For official, up-to-date information, kindly visit the respective government websites. We are not affiliated with any government body, and the content shared here is for informational purposes only.
💪
Do check out these articles • Understanding the National Pension System (NPS): Key Features and Benefits
• Know the Unified Pension Scheme (UPS): A Path to Financial Security
• Atal Pension Yojana – A Complete Guide

Categorized in:

Pension, Financial Assistance,

Tagged in:

, ,