The Atal Pension Yojana or APY is a voluntary pension plan backed by the government of India. With the APY, the government aims to provide underprivileged individuals with a source of income in their retirement. It can help them live a dignified life in their senior years. If you have opted for APY, it is important to know where your account stands.
Wondering how to check the APY balance? Read on to understand more about APY and the process to check its balance.
Understanding APY in Detail
The Atal Pension Yojana was launched by the government of India to help workers in the unorganised sector in India. It provides them with financial security after they turn 60 years of age. This layer of security comes in the form of a guaranteed minimum pension that can range from ₹1,000 to ₹5,000 per month. The pension amount depends on the contributions made by the subscriber.
The eligibility criteria for Atal Pension Yojana are as follows:
- The individual must be between 18-40 years of age.
- They should have a savings account with a bank or a post office.
- The individual should not be or should not have been an income taxpayer (as per new rules set from 1st October 2022).
One can approach their bank or the nearest post office where they have their savings account to open an APY account. By doing so, they can enjoy a steady source of retirement funds.
Now that you know what Atal Pension Yojana is and the eligibility criteria for it, let’s also understand how to check the APY balance.
Steps to Check the Balance of Your APY Account
Understand how to check Atal Pension Yojana balance via the following methods:
Step 1. Official NSDL APY Portal
- Visit the NSDL portal at https://www.npscra.nsdl.co.in/scheme-details.php/
- Choose the ‘APY e-PRAN/ Transaction Statement View’ option from the menu.
- Select the option 'Click to search with PRAN.'
- Enter your Permanent Retirement Account Number (PRAN) and bank account number.
- Next, choose 'APY/Swavalamban Statement View' from the dropdown menu.
- Select the financial year, enter the captcha, and click 'Submit.'
In the first section, you will be able to see your APY account details. In the next section, you will see your account summary.
If you keep scrolling, you will be able to see your account statement. It will include the contributions you have made, along with your current balance.
You can also access your statement without PRAN. You will have to enter your bank account number, full name, and date of birth to proceed.
Step 2. ‘NPS Lite and APY’ app
Learning how to check the APY balance from the official NSDL app may save a lot of time when compared to some of the other methods:
- Open the app. Download it from the Play Store or the App Store if needed.
- Log in with your PRAN and enter the OTP that you will receive.
Once you are logged in, you can view your APY account details via the app.
Step 3. Offline methods
If you are wondering how to check the Atal Pension Yojana balance offline, the following options could be of help:
- You can visit the bank or the post office where you opened the APY account and enquire about your account details.
- You will also receive a regular SMS on your registered mobile numbers about contributions and balances.
- You also get a physical copy of your APY statement via post every financial year at your registered address.
Thus, knowing how to check your Atal Pension Yojana balance is an easy and accessible process.
Pension Schemes in India
Similar to APY, there are various types of pension schemes in India for you to plan your retirement. Along with APY, you can consider schemes such as the National Pension Scheme (NPS). As the NPS comes under the E-E-E (exempt-exempt-exempt) category, it can increase your retirement tax benefits to a great degree. You can also reach out to a financial expert to get guidance on the best government pension schemes for senior citizens to suit your needs.
The Atal Pension Yojana can be a useful addition to your retirement plan. Checking the balance in your APY account is a simple process and helps you track your contributions. Along with APY and other retirement schemes, also ensure that you have life insurance in your plan. While a pension plan takes care of your needs, life insurance plans help take care of your family’s finances in your absence.
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