APY account voluntary exit done but amount not credited

[sicko101]

Hi,

I had opted for Voluntary exit from APY account in March 2024 which had a balance of 67000 INR. After a delay of almost 3 months Canara Bank processed my withdrawal of 61000 and balance amount was pending in my APY account. I followed up with bank for remaining amount withdrawal but to no avail.

In Sep 2024 I again raised withdrawal request with Canara bank for remaining amount to be processed but in Dec 2024 i received communication from bank that remaining amount has been credit to Govt account as it was Govt Co-contribution.

I immediately highlighted this to Bank as there was no Govt Co-contribution in my account which was active since Aug 2015.

Banks Grievance cell again responded that balance amount was Govt Co-contribution. I have now raised RBI complaint and demanded compensation as well.

What do you think will happen in this case and why bank is claiming Govt Co-contribution when there isnt any?

What compensation can I get from RBI?

 

[sharad131]

I have a suggestion and a question both.
Suggestion - Apart from routing via RBI Ombudsman I think you should also file online RTI asking on govt contribution, as it is a public sector Bank.
Question - Do you know the path to close and withdraw APY which I have with ICICI. I am contributing from last 10 yrs but I feel that looking at inflation the amount which I get will be minimal and more of a administartive hassle.

 

[sicko101]

I have a suggestion and a question both.
Suggestion - Apart from routing via RBI Ombudsman I think you should also file online RTI asking on govt contribution, as it is a public sector Bank.
Question - Do you know the path to close and withdraw APY which I have with ICICI. I am contributing from last 10 yrs but I feel that looking at inflation the amount which I get will be minimal and more of a administartive hassle.

That's a good suggestion I will file RTI.

Closing APY is simple. Just fill the form and opt for voluntary exit. Fo will be available from branch or website. Submit the form to branch manager.

 

[Abhigyan kumar]

You should have complain in APY grievance redressal. They are quick in resolution.

 

[sicko101]

You should have complain in APY grievance redressal. They are quick in resolution.

I did but they route it to Bank and I dont have proof of APY complaint as they dont send any emails.

 

[RkrRkr is verified member.]

I immediately highlighted this to Bank as there was no Govt Co-contribution in my account which was active since Aug 2015.

As per APY circular dated back .

The co-contribution of the Government of India is available for 5 years, i.e., from the Financial Year 2015-16 to 2019-20 for the subscribers, who join the scheme during the period from 1st June, 2015 to 31st March, 2016 .

The Government co-contribution is payable to eligible Permanent Retirement Account Number (PRANs) by the Pension Fund regulatory and Development Authority (PFRDA) after receiving the confirmation from Central Record Keeping Agency to the effect that the subscriber has paid all the installments for the year Government co-contribution will be credited in subscriber's savings bank account/ post office savings bank account 50% of the total contribution subject to a maximum of Rs 1000/- at the end of financial year.

As per exit Rules.

In case a Subscriber chooses to voluntarily exit from APYbefore attaining 60 years of age, he/she will be refunded only the contributions made by him/her to APY alongwith the returns thereon after 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.


Solution- Better ask for statement of your APY account to check if there is any Govt contribution b/w 2015 to 2019.

 

[MARUMUGANAINAR]

Govt contribution is credited in bank account after the financial year

 

[sicko101]

As per APY circular dated back .

The co-contribution of the Government of India is available for 5 years, i.e., from the Financial Year 2015-16 to 2019-20 for the subscribers, who join the scheme during the period from 1st June, 2015 to 31st March, 2016 .

The Government co-contribution is payable to eligible Permanent Retirement Account Number (PRANs) by the Pension Fund regulatory and Development Authority (PFRDA) after receiving the confirmation from Central Record Keeping Agency to the effect that the subscriber has paid all the installments for the year Government co-contribution will be credited in subscriber's savings bank account/ post office savings bank account 50% of the total contribution subject to a maximum of Rs 1000/- at the end of financial year.

As per exit Rules.

In case a Subscriber chooses to voluntarily exit from APYbefore attaining 60 years of age, he/she will be refunded only the contributions made by him/her to APY alongwith the returns thereon after 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.


Solution- Better ask for statement of your APY account to check if there is any Govt contribution b/w 2015 to 2019.

I have all the Statements.. there is no govt co co tribution.

 

[RkrRkr is verified member.]

I have all the Statements.. there is no govt co co tribution.

Raise complaint with canara bank..
If already raised with canara bank and resolution is aginst you..Approach RBI BO and PFRDA with all necessary details ..Share statments also..