Simplification of Withdrawal Process under APY- Death Cases

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4E4 kb- fdReApitt) gilt cam lificovr t-14/11, mutt tirat-Ht Ira9•, .‘ga titutold cne.oiRear ttela, it7F40 -110016. cintr : 011-26517501 itawr : 011-26517507 aa-oro . 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 Ref. No.: PFRDA/2017/22/ APY/2 25th August, 2017 To All Banks/DoPs/ APY SPs/ All Stakeholders Sir/Madam, Subject: Simplification of Withdrawal Process under APY- Death Cases 1. As per PFRDA Circular dated 1891 October 2016 regarding settlement of death cases before the age of 60 years under APY, the following documents are to be submitted by spouse or the nominee along with the claim: I. Original death certificate of the subscriber KYC of spouse or nominee III. Proof of bank details for spouse or nominee IV. Relationship proof of claimant with the subscriber 2. It has been decided by PFRDA that the requirement of submission of original death certificate by spouse or the nominee in case of death claim by subscribers of APY need not be insisted upon. However a copy of death certificate duly verified by the concerned bank branch/DoP as a true copy is suffice to process the claims. 3. The above simplification will help to reduce the processing time for settlement of death cases and increase the efficiency of operation to the satisfaction of all associated stakeholders. Yours Sincerely, (K Mohan Gandhi) Deputy General Manager to Gopal Das Chief General Manager Ich PelPicy 31'11 ftThRT SiMcD 01 41-14/0, 13940 Praht T-14 ?U Rh, it,daIN1 coot : 011-26517501 (km :011-26517507 E'rcato .www.pirda.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.: PREWAR/ 62 To all Banks/DoP Settlement of Death Cases before the age of 60 years notier APY As per API scheme details if the subscriber dies before the age of 60 years, his / her spouse would be given an option to continue contributing to API 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. 2. In case the spouse wishes to exit from the scheme and close the account, the corpus wilt 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. 3. 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 October 18th, 2016 To, ATAL PENSION YOJANA (APY) — ACCOUNT CLOSURE FORM (w.e.f. 25.08.2017) (Death Case) I 1 a) to be closed b) to be continued (as per PFRDA Circular dated May 2, 2016) The PRAN details are as follows: c) PRAN d) Name of deceased Subscriber e) Name of the Spouse f) Name of the Spouse Bank I. g) Spouse Saving Account Number h) IFS Code i) Name of the Nominee (if no spouse) j) Name of the Nominee Bank k) Nominee Saving Account Number: I) Nominee IFS Code J The Branch Manager, Branch Branch Dear Sir/Madam, I/VVe being a spouse/nominee(s) of the deceased subscriber hereby request that account opened under Atal Pension Yojana of Shri / Smt Date : Place: Signature / Thumb Impression of the Nominee (*LTI in case of male and RTI in case of female) Name of the Spouse Name of the Nominee PRAN Corpus (pension wealth) would be credited in the saving Bank account No.: ACKNOWLEDGEMENT — ACCOUNT CLOSURE FOR ATAL PENSION YOJANA (APY) Name of the Bank: Stamp and Signature of the Bank Bank Branch: Receiving Officers Name:. Date of Receipt or the nominee. 1. Copy of death certificate of the subscriber (Duly verified by the concerned bank branch/ DoP) 2. KYC of sposue or nominee. 3. Proof of bank details for spouse or 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.