PRAN is known as a permanent Retirement Account number which is bought with an intention to provide retirement income and encourage saving among citizens.
The National Pension System was launched initially for only government employees, later it was made available to everyone, who can invest a sum of money regularly which will be useful after their retirement.
In this scheme, the government contributes a sum of money which will be collaborated with an investment of individuals which sums in the PRAN account. Every NPS scheme holder does have an individual number which does help them manage their pension account by linking all your basic details.
What is a PRAN
The Permanent Retirement Account number or 12-digit Permanent Retirement benefit number which is allocated for an employee for a lifetime on subscription to National Pension Scheme (NPS) is PRAN, and this is accessible all over India, irrespective of how many companies the employee changes.
- PRAN is a retirement savings which cannot be withdrawn
- It is a voluntary savings facility which is equally contributed by government
- An NPS subscriber does must have the PRA number
How to Apply for PRAN?
The applications for PRAN are made under NSDL portal, the documents are to be submitted to the point of presence service provider, and You need to get the contact of POP-SP to submit your PRAN registration form, where the process of activation is fully offline as you need to visit the respective office and submit your updated form.
- Corporate employees must attach CS-S1 duly filled form with a minimum contribution of INR 500 for Tier 1 and INR 100 for Tier 2.
- Application form along with Photograph, Scheme Preference Details and Required KYC documents
- PAN and Bank Details along with active Mobile number & Email are mandatory
- The Successful submission of PRAN Form will send you an SMS & email to the registered number with CRA.
- On Successful Registration, the PRA number will be allocated to the respective employee.
- Thus this can be used for future communication with NSDL portal through. Make sure you save the recipient number which is generated to check your status online.
How to Check PRAN Status Online?
The PRAN registration will almost take 20 days from the date of receipt and the employee can check its status with the 17-digit receipt number.
- Visit the National Pension System Online Website
- Reach to the PAN Track status page after scrolling down the page
- Select the Type of PRAN and enter the number twice
- Fill the Captcha code and click on submit button
- That’s it, the status of your PRAN will be shown on the screen which will be a permanent card for your employment for the NPS scheme.
Is PRAN Online Registration possible?
No, as per date the online registration under the NPS scheme is not updated, and thus the employee of government or private sector must reach to their nearest NSDL or Nodal office and fill the application form to offline submission.
Whom to contact for PRAN card non-receipt?
The PRAN card will be dispatched to the employee communication address after 20 days of its being issued. In case the PRAN card isn’t received, the employee must reach the CRA NPS official website and check the status online to check where their card is being held.
How to edit the details in NPS PRAN Account?
In case you see that your details have been updated wrongly, then you can visit the nearest Nodal office and fill out the correction form to update your details, and the details for NPS must be all like the government ID proof which helps you in future after retirement for easy check-out of money.