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This circular sets out the procedure for settling Atal Pension Yojana accounts when a subscriber dies before the age of 60 years. The spouse receives the option to continue contributing to the account until the original subscriber would have reached the age of 60 years. Alternatively, the spouse or nominee can close the account to receive the accumulated corpus. Banks and the Department of Posts must collect the original death certificate, know your customer documents, bank proof, and relationship proof from the claimant.
What you must do
Key dates
Who is affected
Ask about this circular
[Image omitted. See the official document.]
पेेंशन निधि विनियामक और विकास प्राधिकरण बी-14/ए, छत्रपति शिवाजी भवन, कुतुब संस्थागत क्षेत्र, कटवारिया सराय, नई दिल्ली-110016. दूरभाष : 011-26517501 फैक्स : 011-26517507 वेबसाइट : www.pfrda.org.in
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY B-14/A, Chhatrapati Shivaji Bhawan, Qutab Institutional Area, Katwaria Sarai, New Delhi-110016. Ph : 011-26517501 Fax : 011-26517507 Website : www.pfrda.org.in
CIRCULAR
File Ref. No.: PFRDA/4/62
October 18th, 2016
To all Banks/DoP
Settlement of Death Cases before the age of 60 years under APY
As per APY scheme details if the subscriber dies before the age of 60 years, his / her spouse would be given an option to continue contributing to APY account of the subscriber, which can be maintained in the spouse's name, for the remaining vesting period, till the original subscriber would have attained the age of 60 years. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse.
In case the spouse wishes to exit from the scheme and close the account, the corpus will be settled in the name of the spouse. If spouse is not present then the corpus will be settled in the name of the nominee.
The application form for closure of the account in case of death of the subscriber before the age of 60 years is attached herewith.
Yours Sincerely
[Image omitted. See the official document.]
Ananta Gopal Das
Chief General Manager
ATAL PENSION YOJANA (APY) – ACCOUNT CLOSURE FORM (Death)
To,
The Branch Manager, ________________________ Bank
________________________ Branch
Dear Sir/Madam,
I/We ____________________________________________________ being a spouse/nominee(s) of the deceased subscriber hereby request that account opened under Atal Pension Yojana of Shri ________________________________________ /Smt. ________________________
The PRAN details are as follows:
Date : ________________________
Place: ________________________
Signature / Thumb Impression of the Nominee
(*LTI in case of male and RTI in case of female)
ACKNOWLEDGEMENT – ACCOUNT CLOSURE FOR ATAL PENSION YOJANA (APY)-Death Case
[Image omitted. See the official document.] A/c to be closed
Name of the Spouse __________________________________________________________________
Name of the Nominee __________________________________________________________________
PRAN __________________________________________________________________
Corpus (pension wealth) would be
credited in the saving Bank account No.: _________________________________________________
Name of the Bank:
Bank Branch:
Receiving Officers Name:
Date of Receipt
[Image omitted. See the official document.] A/c to be continued by Spouse
Stamp and Signature of the Bank
List of documents to be obtained from the spouse or the nominee.
Note: As per APY Scheme, in case of death of the subscriber before 60 years, the corpus will be settled in the name of the spouse who is the default nominee. In other cases it will be settled in the name of the nominee.
