NPS Transaction Statement

How do We Make NPS Transaction Easier?

Here is how Pensionbazaar makes it easier to perform NPS Transactions:

What is an NPS Transaction Statement?

The NPS transaction statement records all the financial activity of an NPS account during a specific period, which helps you track the status of your retirement corpus and its accumulation and accurate credit contribution. The statement typically includes:

• History of contributions from the employee and the employer
• The number of Tier 1 and Tier 2 transactions
• The number of units that are allocated and the NAV values
• If there are any deducted charges
• Partial or full withdrawals
• Scheme and fund manager details
• Opening and closing balance of the account

Why Do You Need an NPS Transaction Statement?

You may need your transaction statement for various reasons, and knowing where it is used makes it easier to understand the needs fully. Here is a list where downloading an NPS statement is necessary:

1. Tax Filing

   Under Sections 80CCD(1), 80CCD(1B), and 80CCD(2), the NPS contributions are counted in the tax deductions. The NPS transaction statement is the proof of investment here.

2. Tracking Contributions

   It helps the subscribers check if the contributions have been made on time by their employer.

3. Loan or Financial Documentation

   In some cases, financial institutions may request proof of long-term investments as part of financial documentation. The NPS transaction statement helps in that scenario.

4. Retirement Planning

   Checking and reviewing the statements periodically gives you an understanding of your investments and how your portfolio is performing.

5. Dispute Resolution

   If the contributions do not reflect in the account or there are any discrepancies, the statement serves as proof.

Types of NPS Statements You Can Download

There are several types of NPS statements available, and understanding the types and purposes makes it easier to know which one should be used:

• Transaction Statement (Periodic): Has a record of all the transactions in a specific period.
• Holding Statement: Provides a record of the current unit balance and value.
• Annual Transaction Statement: An annual summary that is used for tax purposes.

This guide is focused on the functions and the downloading process of the transaction statement.

Who Can Download the NPS Transaction Statement?

Here are the requirements to download the NPS Transaction statement:

• The member needs to have an active NPS account in either Tier 1 or Tier 2
• The member should have a Permanent Retirement Account Number
• The member needs to have login credentials for the NPS CRA portal
• The member should have access to a registered mobile number or email for OTP verification

How to Download NPS Transaction Statement Online (Through NSDL CRA Portal)

Below are the steps the members can follow to download their NPS transaction statement:

Step 1: Visit the Official CRA Website

Go to the official NPS CRA portal or access the login through the official NPS website.

Step 2: Log In to Your NPS Account

• Click on the Login button
• Select the Subscriber Login option
• Enter your PRAN
• Enter your password
• Then complete the CAPTCHA verification

Step 3: Navigate to the Transaction Statement Section

After logging in:

• You need to go to the Transaction Statement or Statement of Transaction under the View or transaction menu.
• The member needs to select the type of statement they need.

Step 4: Select Date Range

After choosing the statement, the member needs to do the following:

• Choose the range of dates they want their statement to cover
• Select Tier I or Tier II account
• Choose file format for download (either PDF or Excel)

Step 5: Generate and Download

Review the information, and after verifying the accuracy, you can generate the statement, and the file will do one of the following things:

• Will be downloaded automatically
• Or will be made available for viewing and saving as a PDF

How to Download NPS Statement Through the eNPS Portal

The process to download the NPS statement from the eNPS portal is very similar to the CRA portal. Here is the process if your account was opened via the eNPS:

1. Visit the official website
2. Log in using your credentials (PRAN and password)
3. Go to the Transaction Statement
4. Choose the range of dates and download after verifying

How to Download NPS Statement via Mobile App

The NPS also allows the members to get access via their mobiles by downloading the NPS by Protean (official mobile app).

The steps to download the statement from the mobile phone:

1. Download the app from the App Store or Play Store
2. Log in using your PRAN credentials
3. Go to the account details
4. Select the transaction statement option
5. Choose a period and download

How to Download Annual NPS Statement for Tax Purposes

Here is the process of downloading the Annual Transaction Statement for tax filing:

1. Log in to the CRA website using your credentials
2. Select the Annual Transaction Statement
3. Choose the financial year you want to download a copy of
4. Download a PDF copy

Offline Option: Requesting Statement via Nodal Office

If you cannot get your NPS statement online, you can also get it offline:

• Contact your Nodal office (if you are a government employee)
• You should submit a written request for the statement copy
• Provide your PRAN and ID details

Common Issues While Downloading NPS Statement

The users can also face issues when checking the statement, such as:

1. Forgot Password

   If you forgot your password, you can use the "forgot password" option and reset it via OTP.

2. PRAN Not Active

   If the PRAN is inactive, you may not be able to log in to access the statement.

3. Mobile Number Not Registered

   The OTP authentication needs an updated mobile number.

4. Technical Errors

   You should clear your browser cache if there are any issues, or try with a different browser.

Note: The NPS transaction statements are instantly available from the CRA system once requested.

Security Tips While Downloading NPS Statements

Ensure the following things to protect your financial information:

• Ensure you use the official website
• Do not use public computers to log in
• Do not share your credentials, such as PRAN or OTP, with anyone
• Log out after downloading your statement
• Store statements securely after downloading them

How Often Should You Download Your NPS Statement?

Here is how often you should be checking your NPS transaction statements:

• Quarterly for contribution tracking
• Annually for tax filing
• After major transactions such as a partial withdrawal
• Before retirement planning discussions

Benefits of Regularly Reviewing Your NPS Statement

There are multiple benefits of reviewing your NPS transaction statement regularly, some of which are as follows:

• Ensures your contributions are made timely
• Helps keep a record of the portfolio performance
• Helps identify the discrepancies early
• Helps you optimise asset allocation
• Strengthens your retirement planning strategy

Conclusion

Downloading the NPS transaction statement is an important step in managing and keeping track of your retirement funds. It shows you the history of contributions, how your funds are performing and how your corpus may have grown. If you have digital access through the CRA portal or the mobile app, you can get statements quickly without any difficulty.

Regularly reviewing your NPS statements helps you when filing taxes and assists in keeping your long-term retirement planning on track. It is important to keep the login credentials secure and update the account details whenever required to make the process smooth whenever you need to log in and download your financial records.