Having a nominee in the Atal Pension Yojana (APY) ensures that your family members receive benefits in case of an unfortunate event. This guide explains how to nominate a beneficiary while enrolling and how to update nominee details later.

Importance of Nominee in Atal Pension Yojna

• Ensures financial security for your family.
• Helps in seamless claim settlement in case of the subscriber’s demise.
• Allows subscribers to change nominee details if required.

How to Nominate a Beneficiary During Atal Pension Yojna Enrollment

When enrolling in APY, you must provide nominee details in the application form:

• Fill in the nominee’s name, relationship, and date of birth.
• If the nominee is a minor, assign a guardian.
• Ensure the nominee details match the records of your savings bank account.

Steps to Update Nominee in Atal Pension Yojana

If you need to change or update the nominee details, follow these steps:

1. Visit Your Bank Branch

• Go to the bank where your APY account is maintained.
• Request a Nomination Change Form (APY-2).

2. Fill Out the Nomination Change Form

• Provide PRAN (Permanent Retirement Account Number) and savings account details.
• Enter the new nominee’s name, date of birth, and relationship.
• If the nominee is a minor, mention the guardian’s details.

3. Attach Required Documents

• Self-attested copy of Aadhaar card of the nominee.
• Proof of relationship (if required by the bank).
• Bank passbook copy for verification.

4. Submit the Form and Await Confirmation

• Submit the completed form to the bank official.
• The bank will process the request and send an SMS confirmation once updated.

Important Considerations

• Updating a nominee is free of cost; however, some banks may charge a nominal service fee.
• Keep nominee details updated to avoid legal complexities in case of unforeseen events.
• If a nominee is a minor, the guardian will manage the pension benefits until they turn 18 years old.

Conclusion

Updating nominee details in Atal Pension Yojana ensures that your savings reach the right beneficiary in case of an emergency. By keeping nominee information accurate and updated, you can secure your family’s financial future.