If you need to stop auto-debit for Atal Pension Yojana (APY) due to financial constraints or plan adjustments, you must disable the standing instructions with your bank. This guide provides a step-by-step process to cancel auto-debit and avoid penalties.

Reasons to Cancel Auto-Debit

• Financial difficulties preventing regular contributions.
• Switching to another retirement investment option.
• Opting for voluntary exit from APY before maturity.

Steps to Cancel Auto-Debit for APY

1. Visit Your Bank’s Branch or Online Banking Portal

• If canceling offline, visit your bank branch.
• For online cancellation, log in to your bank’s net banking portal or mobile app.

2. Request Auto-Debit Deactivation

• Ask for an Auto-Debit Cancellation Form from the bank.
• Fill in your PRAN (Permanent Retirement Account Number) and savings account details.

3. Modify or Remove Standing Instructions

• In internet banking, go to the ‘Auto-Debit’ or ‘Standing Instructions’ section.
• Locate Atal Pension Yojana and select ‘Cancel Auto-Debit’.
• Confirm the request and ensure no future deductions occur.

4. Submit and Confirm Cancellation

• Verify the details and authorize the cancellation using OTP verification.
• If done at the bank, submit the signed cancellation request form.

5. Receive Confirmation

• The bank will process your request and send a confirmation SMS.
• Monitor your bank statements to ensure no further deductions.

Important Considerations

• Missed payments due to auto-debit cancellation may lead to penalties or account deactivation.
• If you plan to exit APY entirely, follow the APY exit procedure.
• Reactivation of auto-debit may require a new standing instruction setup.

Conclusion

Canceling Atal Pension Yojana auto-debit ensures you have control over your contributions. Make sure to weigh the impact of discontinuing payments before proceeding with cancellation.

Need Assistance? Visit your bank branch for help with stopping APY auto-debit.