Investors get a transaction statement by email every month like the consolidated monthly account statements for their investments in shares and mutual funds, and the statement tells them how their NPS investments fared.
Sometimes investors opt for online transactions while investing in NPS and the monthly statement sent to them can be used for record-keeping. Here Funds Instructor tells investors how do they must read their NPS statement and understand what’s happened with their investments.
Details of Subscriber
The monthly account statement shows all the vital details of an investor. Make sure that you as an investor go via it carefully. As well as Make sure that all your details are correct such as – Permanent Retirement Account Number (PRAN), name, address, contact details, details of nomination, and status of the account (active or inactive).
Investments summary in NPS
It lists the number of schemes you have chosen and the allocation to each one of them. The first table is labeled as investment details and gives more important details like return earned and intermediary charges, along with total contribution, the value of your investment holdings that are also given earlier.
While this table captures the details of the entire account, a similar table gives a scheme-wise split of your funds in NPS. Charges depend on the nature, amount, and mode of transaction.
If investors changed their asset allocation or made any other modifications to their PRAN such as a change in nomination, then the same gets captured under the head ‘Changes made during the period.’ The transaction details table gives out allocation across the schemes you choose and the charges involved.
At the end of each quarter, there will be a disclosure of charges (mentioned in rupees) in the form of a deduction of units from each scheme in the account. For example, your October month statement will show charges for the July to September quarter.
If the contents of this statement are not correct, then investors have to write to NPS on the official website or call them on their designated helpline number. Investors can use the statement capturing their contribution details as proof for claiming tax deduction under the Income Tax Act.