Subscribers are assigned a Permanent Retirement Allotment Number (PRAN) when they register for a NPS Account,
What is NPS?
According to the NPtrust website, “The National Pension System (NPS) is a voluntary, defined contribution retirement savings plan designed to enable subscribers to make optimal decisions about their future through systematic savings during their working life. NPS tries to inculcate the habit of saving for retirement among the citizens.
to know how to check nps account balance Online, follow these steps:
Step 1: Visit the NSDL portal.
Step 2: To log in, use your PRAN as a user ID and password for your account.
Step 3: Enter the captcha code to proceed.
Step 4: Click on the “Holding Statement” option under the “Transaction Details” section.
The screen will display information about your total balance.
Step 5: If You Want NPS statement Select the “Transaction Details” option, which contains the details of your transactions and contributions.
Your statement will have different sections. According to the NSDL website, below are some specifics about your NPS details for the non-government sector that you should be aware of.
Decoding NPS transaction details
Subscriber Details
You can find your personal information, contact information, enrollment information and nodal office information in this section. In addition, the status of your account and the time during which the statement was generated will be included in this section.
investment summary
The “Investment Summary” section shows your account’s total contributions, the holding value, and the total estimated profit and loss on investments. Along with the returns for the financial year, it also provides the overall return on your investment.
Using the XIRR method, the Return on Investment provides the annual effective compounded return rate in a PRAN account. The calculation is carried out taking into account all contributions and redemptions handled since its creation in the PRAN account as well as the most recent investment appraisal. The NAV date determines the order of transactions.
Returns for the Financial Year Displays the effective return rate for the previous financial year using Formula XIRR, taking into account all contributions and redemptions processed in PRAN accounts from April 1 onwards, and the most recent investment valuation.
The above returns are based on the scheme NAV, and the securities held in the scheme’s portfolio are valued on a mark-to-market (MTM) basis, which is subject to change in response to changes in the scheme’s NAV.
investment statement
You can find information about Pension Fund Manager (PFM)-wise contributions, total unit credits, most recent NAV, and most importantly, your return on investment (XIRR) over a period of time, in this section. The cost of units now held in the PRAN account is indicated by the phrase “total contribution” to your account as of March 31, 2022.
Contribution Details / Redemption Details
This section contains information about the types of transactions done (i.e. Regular, Outstanding etc.) along with the funds uploaded by your office. A split is also available between you and the employer’s contribution.
The redemption amount reflects the cost of units that were redeemed from the account, while the contribution amount reflects the amount invested in the subscriber’s account. First-in-first-out (FIFO) pricing is used to determine the cost of units.
description of transaction
The amount of contribution, NAV and units allotted are listed by PFM in this section. In this part, you can find the details of the transaction along with the dates. This also includes units that have money deducted from them for redemption and improvement. The information is arranged according to the date on which the transaction was posted to the PRAN account, which may or may not correspond to the date the NAV is disbursed.