The NPS is otherwise called as the National Pension System. This pension scheme is mainly given to those people who do not have the pension facility after the retirement. The NPS gives an opportunity to accumulate a pension fund over a long period of time after retirement. In this scheme, the person’s employer can also contribute funds. The wealth accumulated under the NPS depends upon the contribution made and the income generated from the investment. To encourage the National Pension System, the Government has extended many income tax benefits for contributing.
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The NPS consists of two types of accounts:
- Tier I
- Tier II
The Tier I account is non-withdrawable until the age of 60 years or retirement except in specific situations whereas, the Tier II account is a voluntary savings account. The Subscribers to Tier II account to withdraw money anytime they want.
The NPS provides both online and app facilities for checking out balance and transaction statement.
To check the balance and transaction statement you need to login to your NPS account through the CRA Website (www.cra-nsdl.com) and enter the User ID and Password. After Logging in, select the Transaction Statement option and then the Holding Statement. This provides you the complete details of your accumulated balance in the NPS Fund. Click on the transaction statement to see the complete details of your transactions including the contributions.
Checking NPS Balance and Statement through App
The NPS Services can be availed in the UMANG App. The UMANG App is an initiative taken by the Government to offer various E-Gov Services under a single platform. This app is developed by the Ministry of Electronics and Information and Technology (MeiTY) and National e-Governance Division. You can avail both EPFO and NPS Services from the UMANG Platform.
The NPS also provides other services such as checking of current holding, transaction statements and recent contributions, other than that you can also change the investment scheme and change the address as well.
Not only this, the NPS also offers you the flexibility to customize your own portfolio based on your choice and risk appetite.
There are two investment options under the NPS Scheme: “Auto Choice” and “Active Choice”.
Under the “Auto-Choice” option the fund is invested as per the Life Cycle Fund Matrix designed by the experts. It also has different options: “Aggressive Life Cycle Fund”, “Moderate Life Cycle Fund” and “Conservative Life Cycle Fund”.
Whereas, the “Active-Choice” offers the investor an option to put his money in the pension fund so as to work in the different asset classes: equity, corporate/government debt, and an alternative investment fund (A). Putting an Investment in any asset class is optional.
The National Pension Scheme (NPS) is Government sponsored Pension Scheme which is opened for all the sections of citizens of the society. The scheme helps the subscribers to earn funds during the time of the retirement and make they’re future safe and secure.