Create a safety net for your future and secure your golden years financially by enrolling in pension schemes like the NPS. This will provide you with greater financial stability and peace of mind in retirement.
However, investing in the National Pension System (NPS) is just the first step; continuous monitoring of your NPS transaction statement is essential to ensure that your financial plan stays on track.
In this blog, we will walk you through the simple process to download NPS statements that will help you monitor your contributions and investment growth from time to time. But first, let us know what an NPS statement is.
What is the NPS Statement?
The NPS statement is a crucial document that provides a comprehensive record of your transactions and holdings in your NPS account. This statement offers an overview of your investment portfolio, transactions, unit holdings, etc.
The NPS account statement serves as proof of investment and helps track the growth of your retirement corpus over time.
NPS Transaction Statement Essentials
Before delving into the NPS statement download process, let us understand the key components of the NPS transaction statement:
- Investment Summary: Shows the current NPS balance and provides an overview of total contributions to your account, the value of your holdings and total notional gain or loss on your investment.
- Investment Details: Provides scheme-wise details of total contributions to your NPS account and the availability of withdrawal options.
- Contribution/Redemption Details: Gives the details of contributions and redemption processed in the subscriber’s account during the period for which the statement is generated.
- Transaction Details: Gives details about the transaction history and units allotted under different schemes.
How to download NPS transaction statement?
Using the NSDL or KFintech portal
- Visit the NSDL CRA or KFintech-CRA portal.
- Enter your Permanent Retirement Account Number (PRAN) in the User ID column.
- Enter your password and the captcha.
- Mark the checkbox and click on “Submit” to log in to the portal.
- On the menu bar, select the “Transaction Statement” option and verify your details.
- Verify the details, such as your name and PRAN.
- Select the financial year, quarter and tier type for which you want to generate the transaction statement.
- Click on “Generate Statement”.
- Your NPS statement will appear on the screen.
- For statement download, select the type of format from the options given in the top right corner of the page and your statement will get downloaded.
Using the Umang App
- Download the Umang App on your phone and log in to it.
- Navigate to the “All Services” section and select NPS.
- Select the “Current Holdings” option.
- Enter your user ID (PRAN) and password (IPIN) to access and view your current holdings on the NPS account dashboard.
- To receive your NPS transaction statement, tap on the “Email Transaction Statement” option.
- Enter your registered email address to download the NPS statement via attachment.
Benefits of downloading NPS transaction statement
Downloading your NPS transaction statement offers several benefits, including:
- It showcases your contribution details and investment performance, which allows you to manage your financial plan accordingly.
- It helps you monitor your account balance and unit holdings, enabling you to take necessary actions.
- It serves as a proof of income and allows you to claim tax benefits.
Also Read: How to invest in NPS (National Pension System)?
Conclusion
Downloading your NPS transaction statements is an important step in managing your retirement savings effectively. By following the steps outlined above, you can learn how to download NPS receipts or statements through the NSDL portal, KFintech porta, or Umang app.
With Axis Bank, you can easily open an NPS account and track your investments with user-friendly digital platforms and dedicated customer support.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
