I invested in APY in 2022, now I know APY is more for unorganised sector people and I should rather go for NPS. What is the loss in closing APY now?

[Pahulpreet Kaur]

Shall I close it or continue?

 

[Manoj Kohli]

Voluntarily Exit from APY before the Age of 60 years without any Penalty is only allowed in extreme situations like Serious Illness. I'm assuming that is not the case with you. There will be a small penalty deducted (0.5 -1%) from your overall returns, additionally certain charges like Account Maintenance, etc will be deducted from your corpus.

If it hasn't been too long for you (less than 2-3 years), I would advise you to close your APY account since the benefits of compounding have still not kicked in. For Organised Sector, NPS is a much better option (although NPS also has some withdrawal restrictions).

If pension after 60 (along with some tax savings) is your primary objective, NPS is the way to go

 

[Pahulpreet Kaur]

Voluntarily Exit from APY before the Age of 60 years without any Penalty is only allowed in extreme situations like Serious Illness. I'm assuming that is not the case with you. There will be a small penalty deducted (0.5 -1%) from your overall returns, additionally certain charges like Account Maintenance, etc will be deducted from your corpus.

If it hasn't been too long for you (less than 2-3 years), I would advise you to close your APY account since the benefits of compounding have still not kicked in. For Organised Sector, NPS is a much better option (although NPS also has some withdrawal restrictions).

If pension after 60 (along with some tax savings) is your primary objective, NPS is the way to go

@Manoj Kohli Thanks for the info that's what I was looking for