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deducting the account maintenance, investment management etc. charges.
The Government co-contribution, if any and the accrued income earned on
the Government co-contribution will not be given to such Subscribers.
All the above mentioned types of exit requests will be processed by APY-SPs
through APY module by generating the exit request file. The file formats were
already shared by CRA. Till such time the APY exit module is made operational by
CRA, an interim process (as given below) would be followed by AYP-SPs for
processing the exit requests under APY. However, once CRA makes the module
available, APY-SPs shall be required to upload the relevant file with necessary
information in the CRA system.
Interim Process
I. Receipt and Verification of Forms:
1. The branches of APY-SP shall collect the APY Account Closure Form from the
Subscriber/spouse/nominee/claimant as per the format stipulated by Pension
Fund Regulatory and Development Authority (PFRDA).
2. In case of voluntary exit by the Subscriber i.e. exit before 60 years of age,
a) The Branch Official of APY-SP shall ensure that the Subscriber has filled up
the correct Account Closure Form (for Voluntary Exit).
b) Branch Official shall check that the complete details are provided alongwith
the reason for closure.
c) Branch Official shall verify that the Subscriber has selected the correct option
for premature exit i.e., exit due to Specified illness or Voluntary exit. In case of
exit due to specified illness as mentioned in the Pension Fund Regulatory and
Development Authority (Exits and Withdrawals under the National Pension
System) Regulations, 2015, Branch Official shall collect the relevant
documents from the Subscriber as stipulated by PFRDA. The list of specified
diseases as describer in exit guidelines of PFRDA is provided at Annexure A.
Branch Official shall also verify that the signature/thumb impression of the
Subscriber is as per the details available under Core Banking System (CBS).
3. In case of death of the Subscriber before 60 years of age,
a) The Branch Official of APY-SP shall ensure that the spouse/nominee has
filled up the correct form i.e. Account Closure Form for Death.
b) In case of married Subscriber, the Branch Official will identify the spouse (as
registered in the APY system of CRA) and shall ensure that the form is filled