How to Cancel Atal Pension Yojana (APY) Online: A Simple Guide

Thinking about cancelling your Atal Pension Yojana (APY)? Maybe you’ve reached the age of 60, or some life circumstances are making you consider exiting. The process can feel a bit confusing. Don’t worry, we’ve broken it down step by step so you know exactly what to do.

Step 1: Check if you’re eligible

First things first: APY is designed to give you a guaranteed pension after 60. You can only exit the scheme if:

• You’ve reached 60 years of age, or
• The subscriber has passed away (in which case, the spouse can continue), or
• In some cases, a serious illness before 60.

Voluntary exit, just because you want out, is possible, but remember, you’ll lose the government contribution if you leave early.

Step 2: Get the right form

Head to your bank’s APY portal or the official CRA website. Look for:

• Voluntary Exit APY Withdrawal Form if you want to leave before 60
• APY Death & Spouse Continuation Form if exiting due to the death of the subscriber. Download the form and keep it ready.

Step 3: Fill it out and attach documents

• Enter your PRAN number, bank details, IFSC, and reason for exit.
• Attach proof of identity, address, age, and a cancelled cheque or bank statement.
• For illness or death cases, include supporting medical or death certificates. 

Once done, submit it to your bank branch or Pension Fund Manager. Many people assume they can do everything online, but in most cases, a physical submission is still required. So it’s best to check with your bank first.

Step 4: Wait for processing

Once your documents are verified, your contributions plus interest will be credited to your bank account. Just a heads up: if you leave early, the government’s co-contribution is not returned, so the payout will be less than your total contributions.

Closing Your APY Account Made Easy 

Cancelling APY isn’t instant, but with the right form and documents, it’s straightforward. Just make sure you know what you’re giving up before submitting. With proper steps, you can complete the process smoothly, and your funds will reach you safely.