NPS or National Pension System is growing in popularity. May be due to extra tax benefits, but definitely we see more and more people opting for NPS now. Is there any simple way to invest in NPS and also manage and track it without moving out of your house? Today we will review app available for investing, managing and tracking NPS.
App is developed and maintained by NSDL e-Governance Infrastructure Limited. I am assuming you are already registered user for NPS and would like to know how to use mobile app and make your life easy for managing NPS.
NPS app is available to download for both android and iOS. You can search NPS in play store or apple store and download the app. Let us see what all things you can do with app.
Let us start with login.
How to login to NPS app?
NPS App does not have separate user id. Your PRAN number is used for login. Since PRAN number is difficult to remember, you can tick ‘Remember PRAN’ check box. Next time you open app, it will be auto populated.
Enter password provided during registration or you can use ‘Reset/Forget Password?’ link. You should get login details on mobile / mail.
What are Menus / options in app?
NPS App Menus
- Image is self explanatory.
- You have all the options needed to operate your NPS account
NPS Dashboard / Home
Once you login, you land on home screen that has summary of your investments in NPS. There are two tabs : Tier-I and Tier-II.
These are two types of NPS accounts. Tier-I is one with Tax benefits and lock in till 60.
Tier-II account is more like mutual fund investment. You can withdraw money at any time but no tax benefits.
You get quick summary of your schemes, NAV and its current values in your NPS portfolio. Instantly it shows ROI or XIRR for your NPS investments till date.
9.42 % over 7 years in this case – Not bad compared to EPF.
How to contribute or invest in NPS?
Making contribution or investment in NPS is just 3 clicks activity. Click on Contribution Menu in app. Your PRAN and Date of Birth will be auto populated. Enter Captcha and click on Verify PRAN button. It will send OTP on your registered mobile number.
Next step is to enter amount to invest. You have two tabs. Select Tier-I or Tier-II and enter amount. Accept declaration and click on confirm.
Last step is review and confirm. Note POP Trail commission ( Just 0.1%. Not 1%). Much less than mutual funds commission.
Once you click on confirm, you will be taken to payment gateway. Make payment and you are done.
How to check contributions made to NPS
In NPS app, you can go to menu ‘Recent Contributions’ and see last few contributions.
You also get SMS from NSDL when contribution is done. But we are generally curious to see it reflected in system.
So here you have option to see recent contributions. You can see some monthly contributions below.
How to change NPS Preference?
When you invest in NPS, there are three types of changes you could do. First one is changing your mode – Auto or Active.
In auto mode, NPS itself decides percentage distribution across various schemes – equity, government and corporate schemes. This is done using your risk profile and age. In active choice, you can decide this yourself.
NPS app provides you option to change from one mode to other in just couple of clicks. First option in below screen is for the that auto/active choice change.
How to change Pension Fund Manager for NPS?
If you see the screenshot above, second choice allows you to change the fund manager managing your pension fund. Similar to mutual fund, you would like to select fund manager (ICICI / SBI / LIC / UTI etc.) based on performance.
You can check NPS scheme performance at NPS Trust website.
We can change fund manager once a year. See multiple fund houses available to chose from.
How to change % allocation in NPS
This could be the option that most people in Active mode would use. NPS allows to change allocation percent in Equity, Government and Corporate schemes twice a year.
If you are active investor, you have choice to do changes. Based on your preference, you can decide allocation in different schemes. Very simple, neat and quick option to change your allocation.
Other features of NPS app
You can update contact details, raise enquiry for any issue, submit FATCA declarations using app itself. You can withdraw your investments from NPS Tier-II as it does not have any lock-in.
Can we contribute to NPS without login
NPS app offers Contribution to NPS without really login into app. When you launch app, there is direct option to contribute. You can follow same steps as before.
Only difference is you will need to manually input PRAN and date of birth. You will get OTP to validate that it’s your NPS account. Then you can go ahead and make payment.
NPS App – Review Conclusion
I have been using this app for couple of years. No issues so far. Works like charm.
It does not have any fancy graphs or animation. It has taken a very simplistic approach but it gets all the task done through app. Be it investing more money or changes to schemes or just plain monitoring. All options work smoothly.
Most loved feature for me is when I login to app, it quickly shows (in 2-3 seconds) what are the returns (XIRR) that I have got for all the NPS investments so far.
What I feel missing is something like SIP feature so we can set it once and it will invest automatically every month. That would add value to this app.
Overall I am happy with the app and feel you should also give it a try.
That’s all with review of NPS app by NDSL. Happy reading and happy investing.