Imagine being informed that the money you have been accumulating in your bank account has been lost because of a minor mistake. It will leave you shattered, to say the least. Money, as they say, may not be everything but is also not less than everything.

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An Atal Pension Yojana (APY) holder faced a similar situation recently. In a post on reddit.com, the APY holder, whose name wasn't disclosed, said that he was informed by an ICICI Bank employee that his APY money was lost after he closed his account with the bank which the scheme was linked with. He claimed that he had forgotten to transfer the APY contribution to another bank account before closing the ICICI Bank account.

When enquired, the ICICI Bank employee told him that "APY gets closed immediately if the bank account is closed," he claimed, adding that the employee asked him to "open a new APY if needed." However, to get a clear picture, he filed an RTI application.

According to the RTI reply from the Pension Fund Regulatory and Development Authority, "If the subscriber closes his saving bank account wherein the APY account is mapped, then contribution for his APY account will be stopped at the bank's end but the APY account of subscriber will remain active in CRA system unless and until the subscriber gives request to his APY-SP bank for the closure of APY account."

In such circumstances, a subscriber can do either of the two things: close APY or link it to a new account.

Here's how to close your APY account:

Approach the bank to close the APY account.

Write a small application on a paper providing the APY details.

Attach ID proof with the application.

Mention any active bank account in which you wish to receive the money.

Here's how to link your APY account with a new bank account:

Approach the bank to transfer the APY account.

Write a small application on a paper providing the APY details.

Attach ID proof with the application.

Mention the details of the bank account you wish to transfer your APY account to.

However, it is always advisable to do so before closing the bank account.

First Published:Apr 23, 2019 7:11 PM IST