If you have an Atal Pension Yojana (APY) account and wish to transfer it to another bank due to relocation or better banking services, this guide will help you through the process. APY account transfers are straightforward and can be completed by following the steps outlined below.
Reasons to Transfer Your APY Account
Relocation to a different city where your current bank branch is not accessible.
Better banking services offered by another bank.
Merging of banks leading to changes in account handling.
Steps to Transfer Atal Pension Yojna Account from One Bank to Another?
Follow these steps to successfully transfer your APY account:
1. Visit Your Existing Bank Branch
Request an APY Account Transfer Form.
Provide your PRAN (Permanent Retirement Account Number) and savings account details.
Submit a written application requesting the transfer to a new bank.
2. Obtain APY Account Statement
Ask for a latest transaction statement to ensure all contributions are up to date.
The bank will generate a statement for your reference.
3. Open a Savings Account in the New Bank
If you do not already have a savings account in the target bank, open one.
Ensure that the new account supports APY contributions.
4. Submit Transfer Request at the New Bank
Provide the APY Account Transfer Form along with your PRAN number and savings account details.
Submit a copy of your Aadhaar card and the latest APY transaction statement.
5. Set Up Auto-Debit in the New Bank
The new bank will link your APY account to the new savings account.
Ensure that auto-debit instructions are enabled for uninterrupted contributions.
6. Receive Confirmation
The new bank will process the transfer request.
You will receive an SMS confirmation once the account is successfully transferred.
Important Considerations
APY transfers are free of charge, but some banks may have their own formalities.
Ensure no missed contributions before initiating the transfer.
The PRAN remains the same even after changing banks.
It may take 5-10 working days for the transfer to be completed.
Conclusion
Transferring your Atal Pension Yojana (APY) account to a different bank is a simple process. By following the above steps and ensuring that your contributions remain consistent, you can continue to enjoy the benefits of APY without disruption.
