How To Track Contributions Made Towards Atal Pension Yojana?
Atal Pension Yojana (APY) is a pension mechanism initiated in 2015 by the government. Even though it was introduced with an emphasis on citizens employed in the unorganized sector, any Indian resident with a bank or post office savings account between the ages of 18 and 40 can make contributions towards APY. In comparison to the National Pension System (NPS), where the pension amount is calculated by the cumulative corpus accrued at the age of 60, the pension benefit is specified in the APY, varying from Rs 1,000 to Rs 5,000 per month, based on the subscriber's contributions. Under section 80CCD(1) of the Income-tax Act, 1961, you can use the contributions rendered by you towards APY to seek tax benefits for which you will need to disclose the transaction statements as verification.
To check if they are credited to your APY account on schedule, you will also need to check your contributions as there is a liability in the event of delay or failure. Make sure that you have issued the Permanent Retirement Account Number, popularly called as PRAN, before you track for the contributions made by you. Although PRAN is the only you need to log into the app, you will have to specify your bank account number on the NSDL portal. There are two options to electronically validate your contributions: by accessing the NSDL website, or by installing the APY and NPS Lite applications from the app store of your mobile.
Via NSDL
- Visit https://www.npscra.nsdl.co.in/scheme-details.php and click on 'APY e-PRAN/Transaction Statement View'
- You will be redirected to a new page where you need to select from 'With PRAN or Without PRAN'
- You will be required to enter your PRAN and bank account number if you have selected the 'With PRAN' method. If you do not have a PRAN, you will be asked to enter the name of the subscriber, bank account number and date of birth.
- Now select the 'APY e-PRAN View or Statement of Transaction View' option and enter the CAPTCHA code correctly.
- Click on 'Submit'
- APY e-PRAN will support you with your APY e-card specifics, along with details such as the launch date of the pension, the amount of pension you have specified, the APY service operator/provider and so on.
- The transaction statement will allow you to validate the contributions you rendered on a monthly, quarterly or semi-annual basis. Details of the cumulative contributions rendered to the fund up to date and others, such as the name of the nominee, the amount of pension chosen, and so on. In a given financial year, you can even check for every successful transaction.
Via Mobile app
- Download the 'APY and NPS Lite' mobile app from the default app store of your mobile.
- Enter your PRAN and tap on 'Login'
- An OTP will be sent to your registered mobile number, enter the OTP on the required space and tap on 'Submit'
- In which scheme either NPS or APY your money is contributed, the homepage will reveal to you about the specifics of the same. Using the app, you can also download the transaction statement. Select the alternative to access specifics of your account.
Via offline
According to the NPS official site, to know the status of the contributions, an SMS is sent to the subscriber's registered mobile number. The portal also states that periodic statements will be issued to the holder of the APY account by the Central Recordkeeping Agency, but the time is not specified. To get these specifics, one can also visit his or her nearest bank branch.
APY Contribution Chart
The following table indicates the monthly, quarterly and half-yearly contribution amount, depending on the age of entry into the fund and the estimated monthly pension amount available after retirement. The calculation of this Atal Pension Yojana is representative and the exact amount you required to contribute may alter at a subsequent time. Your monthly, quarterly, and semi-annual contribution criteria for this pension scheme are summarized in the following table:
Entry age | Total Contributions Years | Monthly Contribution Amount | ||||
---|---|---|---|---|---|---|
Monthly Pension of Rs 1000 | Monthly Pension of Rs 2000 | Monthly Pension of Rs 3000 | Monthly Pension of Rs 4000 | Monthly Pension of Rs 5000 | ||
18 | 42 | 42 | 84 | 126 | 168 | 210 |
19 | 41 | 46 | 92 | 138 | 183 | 228 |
29 | 40 | 50 | 100 | 150 | 198 | 248 |
21 | 39 | 54 | 108 | 162 | 215 | 269 |
22 | 38 | 59 | 117 | 177 | 234 | 292 |
23 | 37 | 64 | 127 | 192 | 254 | 318 |
24 | 36 | 70 | 139 | 208 | 277 | 346 |
25 | 35 | 76 | 151 | 226 | 301 | 376 |
26 | 34 | 82 | 164 | 246 | 327 | 409 |
27 | 33 | 90 | 178 | 268 | 356 | 446 |
28 | 32 | 97 | 194 | 292 | 388 | 485 |
29 | 31 | 106 | 212 | 318 | 423 | 529 |
30 | 30 | 116 | 231 | 347 | 462 | 577 |
31 | 29 | 126 | 252 | 379 | 504 | 630 |
32 | 28 | 138 | 276 | 414 | 551 | 689 |
33 | 27 | 151 | 302 | 453 | 602 | 752 |
34 | 26 | 165 | 330 | 495 | 659 | 824 |
35 | 26 | 181 | 362 | 543 | 722 | 902 |
36 | 24 | 198 | 396 | 594 | 792 | 990 |
37 | 23 | 218 | 436 | 654 | 870 | 1087 |
38 | 22 | 240 | 480 | 720 | 957 | 1196 |
39 | 21 | 264 | 528 | 792 | 1054 | 1318 |
40 | 20 | 291 | 582 | 873 | 1164 | 1454 |
Entry age | Total Contributions Years | Quarterly Contribution Amount | ||||
---|---|---|---|---|---|---|
Monthly Pension of Rs 1000 | Monthly Pension of Rs 2000 | Monthly Pension of Rs 3000 | Monthly Pension of Rs 4000 | Monthly Pension of Rs 5000 | ||
18 | 42 | 125 | 250 | 376 | 501 | 626 |
19 | 41 | 137 | 274 | 411 | 545 | 679 |
29 | 40 | 149 | 298 | 447 | 590 | 739 |
21 | 39 | 161 | 322 | 483 | 641 | 802 |
22 | 38 | 176 | 349 | 527 | 697 | 870 |
23 | 37 | 191 | 378 | 572 | 757 | 948 |
24 | 36 | 209 | 414 | 620 | 826 | 1031 |
25 | 35 | 226 | 450 | 674 | 897 | 1121 |
26 | 34 | 244 | 489 | 733 | 975 | 1219 |
27 | 33 | 268 | 530 | 799 | 1061 | 1329 |
28 | 32 | 289 | 578 | 870 | 1156 | 1445 |
29 | 31 | 316 | 632 | 948 | 1261 | 1577 |
30 | 30 | 346 | 688 | 1034 | 1377 | 1720 |
31 | 29 | 376 | 751 | 1129 | 1502 | 1878 |
32 | 28 | 411 | 823 | 1234 | 1642 | 2053 |
33 | 27 | 450 | 900 | 1350 | 1794 | 2241 |
34 | 26 | 492 | 983 | 1475 | 1964 | 2456 |
35 | 26 | 539 | 1079 | 1618 | 2152 | 2688 |
36 | 24 | 590 | 1180 | 1770 | 2360 | 2950 |
37 | 23 | 650 | 1299 | 1949 | 2593 | 3239 |
38 | 22 | 715 | 1430 | 2146 | 2852 | 3564 |
39 | 21 | 787 | 1574 | 2360 | 3141 | 3928 |
40 | 20 | 867 | 1734 | 2602 | 3469 | 4333 |
Entry age | Total Contributions Years | Half-yearly Contribution Amount | ||||
---|---|---|---|---|---|---|
Monthly Pension of Rs 1000 | Monthly Pension of Rs 2000 | Monthly Pension of Rs 3000 | Monthly Pension of Rs 4000 | Monthly Pension of Rs 5000 | ||
18 | 42 | 248 | 496 | 744 | 991 | 1239 |
19 | 41 | 271 | 543 | 814 | 1080 | 1346 |
29 | 40 | 295 | 590 | 885 | 1169 | 1464 |
21 | 39 | 319 | 637 | 956 | 1269 | 1588 |
22 | 38 | 348 | 690 | 1045 | 1381 | 1723 |
23 | 37 | 378 | 749 | 1133 | 1499 | 1877 |
24 | 36 | 413 | 820 | 1228 | 1635 | 2042 |
25 | 35 | 449 | 891 | 1334 | 1776 | 2219 |
26 | 34 | 484 | 968 | 1452 | 1930 | 2414 |
27 | 33 | 531 | 1050 | 1582 | 2101 | 2632 |
28 | 32 | 572 | 1145 | 1723 | 2290 | 2862 |
29 | 31 | 626 | 1251 | 1877 | 2496 | 3122 |
30 | 30 | 685 | 1363 | 2048 | 2727 | 3405 |
31 | 29 | 744 | 1487 | 2237 | 2974 | 3718 |
32 | 28 | 814 | 1629 | 2443 | 3252 | 4066 |
33 | 27 | 891 | 1782 | 2673 | 3553 | 4438 |
34 | 26 | 974 | 1948 | 2921 | 3889 | 4863 |
35 | 26 | 1068 | 2136 | 3205 | 4261 | 5323 |
36 | 24 | 1169 | 2337 | 3506 | 4674 | 5843 |
37 | 23 | 1287 | 2573 | 3860 | 5134 | 6415 |
38 | 22 | 1416 | 2833 | 4249 | 5648 | 7058 |
39 | 21 | 1558 | 3116 | 4674 | 6220 | 7778 |
40 | 20 | 1717 | 3435 | 5152 | 6869 | 8581 |