The government announces various programs for the betterment of its public. One such is APY. In this article, we’re going to discuss how to view Atal Pension Yojana Transaction Online. But, before that, let’s know something about Atal Pension Yojana or APY in brief.
Atal Pension Yojana APY In Brief
In this article
The Central Government of India has launched three Jan Suraksha schemes during 2015-16, namely.
- Atal Pension Yojana (APY),
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and
- Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Due to receiving an overwhelming response by the public from Pradhan Mantri Jan Dhan Yojana to avail of franking with zero balance account, our former finance minister late Mr. Arun Jaitley, decided to make an extended and enhanced version of the National Pension scheme, i.e., Atal Pension Yojana.
It is in replacement of the previously Swavalamban Pension Yojana. It got implemented for the unorganized sector people. To provide pension to individuals from the same group, it got into the frame. The scheme gets synchronized by the Pension Funds Regulatory Authority of India (PFRDA).
Although those in the organized sector and had no recourse to a pension can also apply for this Yojana. This pension scheme aims to reduce the basic financial requirements of individuals who harvest at their retirement stage by motivating for saving from premature times. The pension money they will receive fully depends on the monthly payment they choose to make with their respective ages. One can get this amount from the age of 60 years.
How To View The Transaction Online?
NSDL allow us to get details through different modes
1. Online Mode
The online mode would come into account if you went into the plan by net banking.
You can fetch the details of your contribution or transaction online through two approaches, i.e., via an app named APY and NPS lite, or through the website. The performance of both modes serves with equivalent competence.
a. Through Website
1. In website mode, you can directly go to the authentic site-
2. Click on the APY e-PRAN/Transaction Statement View option. The website will take you to the referred page.
3. You will get referred to another page. Choose ‘with PRAN’ or ‘without PRAN’ option. Here PRAN is a Permanent retirement account number. You can get this no. on SMS just after the activation of the account.
4. If you opt with the PRAN option, then fill the PRAN no. Your bank account number is linked with APY, i.e., you filled in the form before.
5. If you chose an option without PRAN, then fill in subscriber name, bank a/c no., and birth date.
6. Choose APY e-PRAN View or Statement of Transaction View in view for subscriber option.
7. Enter Captcha code, which is generally the sum of two numbers, and click on the submit button.
APY e-PRAN, i.e., Permanent requirement account number, will help you catch out on the information of your APY e-card. Added, the date of initializing the pension, the amount of money you have chosen for pension, APY service provider, etc.
The statement can help you check the payments you have made monthly, quarterly, or half-yearly. You can also check transactions made in a specific fiscal year. You will get to know about the details of the payments you had made till now. Plus, some basic information regarding pension amount, name of legal heir, etc.
b. On The App
The process becomes really smooth if carried on with an app. Mentioned below is the procedure to carry forward it. Let’s glance at it.
1. On your mobile, download the ‘APY and NPS lite app’ from the google play store.
When you open the app dialogue box to fill, your PRAN will appear. Provide the information asked. Then tap on the box showing login.
2. An OTP will get generated and sent to your number. The app will automatically pick the number and will copy that. Scroll your phone go to the foot of the page.
3. The homepage will show you the details of the scheme. You can also download transaction records details using the app. Select the option present in-app to view your account details.
2. Without The Internet
Every time you may not have internet access. So, you must know the procedure without the internet as well. Who knows if you suddenly need it one day.
So, as per the NPS website, an SMS gets generated on your registered mobile number. After receiving the SMS, you can check for the status of your savings part. The website ensures subscribers to update and send their statements from time to time. Yet, the timings for this process are not fixed. Individuals can also call or go to their bank branch to know about this information.
If you face any discrepancy in obtaining your PRAN details (or) for any other query referring to the APY scheme, you have a convenient option to submit a complaint online.
- Visit on site https://npscra.nsdl.co.in/Log-your-grievance.php.
- The above-shown page will appear. Click on APY Subscriber.
- This page will appear. Click on the Proceed button.
- You can give details of your complaint in the online form and submit it. You can also keep a check on the status of the complaint.
- Click on the required options and present the form.
Calculation Of Your Amount
Now that we’ve known how to do the online and offline procedures let’s know a bit about how it’s calculated.
The APY is mostly calculated depending on the below-mentioned factors-
i. The total amount of bucks you desire to get.
ii. The age at which you started investing in it.
If you go for the scheme early, you’ll have to spend less per month or your regulated period. For example, you started investing at the age of 20 years. Thus, you have more than 40 years of contribution. You’ll start getting the returns at the age of 60 years, remember?
This chart shows various contribution and their denomination with periods according to the respective ages.
Monthly Contributions for APY (In Rs.)
In Atal Pension Yojana (APY), the investor will receive their accumulated amount as a monthly payment just as a regular income. In the death of the beneficiary, his/her spouse will continue to receive pension benefits.
If both such persons die, the beneficiary’s nominee will receive a lump sum. Hence, through this scheme, one can have a source of income in old age.
Mentioned below are the benefits of APY. Let’s know what benefit it provides.
i. APY is the government granted. Thus, it provides a firm certainty of earnest gratitude.
ii. As per your funding, you will surely get your payback. The more you contribute, the thicker the bunch you get.
iii. It doesn’t depend on whether you’re getting a fixed monthly payment or self-employed.
iv. There’s no rigidity as you’re free to endorse your contributions per month or 6 months or on a 12-month basis.
v. Be you in an organized sector or unorganized; it doesn’t count in the eligibility criteria.
Every term has some of the other criteria. The same goes for APY as well. Check it if you can go for it or not.
a. This is the most important criteria that you must be Indian.
b. If you’re an Indian, watch out for your age group. For APY, you must be in a group of 18-40 years.
c. Next comes a bank account. You must hold an active bank account.
After knowing the eligibility, let’s know a bit about its features.
1. Increase In Contribution:
It has the facility to increase your contribution, and when you want, you can increase your savings between this schema. There is no need to worry about a fixed investment to get started. You might have increased financial capacity after the beginning of your account. Hence, you can invest more. So, this option was made concerning the above-mentioned situation.
2. Auto- debit:
It provides you with an auto-debit facility, so you don’t have to keep it in mind. It will get paid without human intervention, n, i.e., robotically. What you need to consider is all about sufficient balance in the account. This account gets merged with the APY account to prevent yourself from being fined.
This scheme has an age restriction between 18 to 40 years. So college students can also invest in this scheme. The maximum age is 40 years because you have to contribute for at least 20 years in this scheme.
It can be provided in denominations of Rs. 1000, Rs.2000, Rs.3000, Rs.4000, Rs.5000, depending on your monthly contributions.
Point To Note
Make sure that you’re not indulged in any other tax-paying schemes. If yes, then you ain’t eligible for APY. For example,
- Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
- The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
- Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
- Seamens’ Provident Fund Act, 1966.
- Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
1. How shall I withdraw from my APY account?
Once you start investing in the scheme, it’s not easy enough to move back. However, in certain emergencies like a prolonged illness or accident, etc. you can quit from it. For that, you need to handover them a form ‘Voluntary Exit.’ There you have to mention the cause of your exit. Added to that, the bank linked with it also seizes.
After all this, rest is the bank’s job. Within a few days, you will receive your total amount with interest on your principal amount.
2. How to contact them overcall?
APY is quite common in almost every bank throughout the country. But still, there’s no such toll-free number available in the present scenario. Thus, it would be of much understandable situation to pay a visit to your respective bank for any query. However, there are two numbers available, like CRA – 1800-222-080.
3. Is there any advantage of tariff exemption if I invest in APY?
As I have already stated above, it is government-run. So, certainly, it has tax exemptions way and is on a safer side. However, like every notice, there lie certain conditions.
1. The maximum exemption that you’re free to avail of is Rs. 1.5 lakh.
2. After the improvisation, there’s an addition of Rs. 50,000 as well to the tax-free withdrawal.
However, these extractions get counted on an annual basis.
4. How much should I contribute towards it per month?
APY is a field for mostly the unorganized or the worker section of the society. The contribution amount clearly depends on your age. As I’ve already said, if you’ve started investing 20 years, you’ve more than 40 years to continue and likewise. Thus, on that basis, you can devote around Rs. 42-210 towards your APY account.
For every secured tomorrow, make a firm step today. As we’ve already known its terms, so get into it as soon as you reach 18 years. The sooner you start investing, the better the amount of money you get.