PRAN, the Permanent Retirement Account Number was introduced in 2004, when the central government launched a national pension scheme . It was launched to encourage employees from the unorganized sector to build savings. Eligibility criteria for permanent retirement account numbers are simple, anyone who is between 18 years and 60 years, can apply.
Note: All NPS subscribers must possess a PRAN card. Investment in NPS is not dependent on your contribution to any Provident Fund.
In the below-given post, we will discuss CRA NSDL, PRAN registration, how to apply online and offline, required documents, activate PRAN, types of PRAN cards, application form details, generating PRAN and its notifications, log in to the portal, update PRAN, and check its status, how to print the card, check PRAN balance, and FAQs.
CRA maintains all records of NSDL subscribers. Thus, it is known as the record-maintaining agency of NSDL. It also undertakes customer service and administration-related tasks for the subscribers under the NPS-Lite.
You can get PRAN registered on National Securities Depository Limited(NDSL). You can register for a PRAN card online on the official website of NDSL by downloading and filling up the form. Further, these applications are yielded to their respective administration officer who transferred the application to Central Record Keeping Agency (CRA).
You can apply for a PRAN Card at the Karvy or NSDL website. You will find CRAs that maintain and open NPS accounts across the country. Through the internet portal, you can use Aadhaar Card or PAN Card details to apply for the said document.
Non-resident subscribers can also apply for a PRAN Card in the following ways:
If you do not access to the internet, then follow the offline procedure for the PRAN application:
The documents required for permanent retirement account number are mentioned as follows:
The quickest way to activate your PRAN card is to electronically sign it with the eSign option. This option is available if you have generated a PRAN with the help of Aadhaar. Here is how you can do so:
As a subscriber, you will be provided a unique 12-digit Permanent Retirement Benefit Number. One of the benefits of a permanent retirement account number is that it is valid for a lifetime and accessible from any location in India. Below-given are the types of accounts that you can hold under PRAN.
If you wish to open a Tier I or Tier II account, then duly fill, sign, and submit the form with supporting KYC documents. If you want to open a Tier II account but have an active Tier I account as well, then you can file a copy of the Tier I PRAN card with the Tier II activation form.
If you are a subscriber from the corporate sector, then fill the Form CS-S1 and submit it to the corporate office. In this case, the minimum contribution at the time of opening a Tier I account should be Rs. 500, while the amount should be Rs. 1,000 in case of a Tier II account.
There are 5 sections you have to fill up when applying for a PRAN Card online.
Thus, PRAN is one of the essential components of savings for the government employees for a secure future.
It is not possible to hold more than one PRAN card, but only one because the NPS account is completely portable. When you change employment or employers, you do not have to open a new NPS account, but only have to move the existing account to the new employer. The NPS account cannot be closed even if you become unemployed. But at present Atal Pension Yojana and NPS are not integrated, thus if you have both these accounts, then you may have multiple PRAN numbers.
When your Permanent Retirement Account Number is generated, you will receive an alert by email and through SMS. The SMS and email will be sent on the registered mobile number and email ID with the CRA. For security reasons, only the last four digits of your account number will be disclosed on all communications.
To login to your NPS account online, use the number printed on the PRAN Card. Here are the steps to login:
You must ensure that information is the latest in your PRAN Card. So, if you change your residence, mobile number, or email address then you must update the details as soon as possible. Follow the details below for updating:
The PRAN (Permanent Retirement Account Number) card was introduced after the inception of NPS (National Pension Scheme) in 2004 by the government of India. NPS is mandatory for all state and central government employees to create savings for the future. One needs to log on to the NSDL (National Securities Depository Limited) website to download the form for applying online.
After this process, an amount of Rs. 50 has to be paid to download the copy. A photograph of the subscriber then has to be pasted on the form, which is posted to Central Recordkeeping Agency. After this process, one can check the PRAN status by following the below-mentioned methods:
Here are steps to print PRAN Card:
If you login to the National Pension System account, then you can check the PRAN Card balance. As PRAN is issued to NPS subscribers, a balance check facility is easily available. You can check the balance for Tier 1 and Tier 2 accounts under the NPS pension scheme.
Below-given are FAQs regarding PRAN.
NPS or National Pension System is a pension cum investment scheme. It was launched by the Government of India. This scheme is regulated by the PFRDA (Pension Fund Regulatory and Development Authority). The registered owner assets under NPS are the NPST (National Pension System Trust, which was established by the PFRDA.
NSDL NPS is a long-term saving avenue useful to plan effectively for your retirement by allowing you to make a regulated and safe market-based return. It offers old age security to Indian residents and citizens.
You can claim an exemption on a tax of up to Rs. 50,000 by contributing to NPA. In 2018, the Indian government made NPS more tax-friendly. It provided complete tax exemption to 60% of the corpus, which you as an investor can withdraw on maturity. The remaining 40% can be utilized to purchase an annuity. The appreciation accrued on contribution and fund used to buy an annuity is not taxable. But the amount withdrawn after the age of 60 by the subscriber is taxable.
If the NPS account holder expires before the age of 60, the accumulated amount in the account will be provided to the nominee or legal heir of the subscriber.
To change the mobile number in NPS NSDL, firstly, you have to log in to your NPS account. After this, click ‘Update details’ at the top right corner of the dashboard. Choose - Update contact details. Now, you can update the email/mobile number from the edit option.
You can use 2 options to resent your NSDL NPS password.
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