written by | June 6, 2022

A Complete Guide On Permanent Retirement Account Number (PRAN)

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This Permanent Retirement Account Number is commonly referred to as PRAN. The NPS was established to generate retirement funds and encourage residents to save. It was first offered solely to governmental recruits, but it is now accessible to all individuals. The federal government created the co-contributory pension program to encourage those working in the unorganised sector to save. Under the scheme, the government would pay ₹ 1,000 to each qualifying NPS participant who can invest at least ₹1,000 and a maximum of ₹12,000 yearly. This plan was in use until the fiscal year 2016-17. It is required for NPS users to maintain a Permanent Retirement Account Number (PRAN) where such funds are represented.

Did You Know?

NPS started with the Government of India's order to discontinue retirement benefits for all employees hired after April 1, 2004. The Permanent Retirement Account Number (PRAN) is a unique 12-digit numerical identifier assigned to each person enrolled in the National Pension Scheme (NPS). The CRA NSDL gives a Permanent Retirement Account Number to each subscriber enrolled in the CRA system.

Also Read: Informative Guide on Securities Transaction Tax

Permanent Retirement Account Number – PRAN

PRAN means Permanent Retirement Account Number. If one has been enrolled with the Central Record Keeping Agency, both Union and Provincial Government employees can apply for a PRAN card. Employees and subscribers can apply for PRAN by visiting the PRAN NSDL website. The website hosts the online application. The Permanent Retirement Account Number is generated by the Nodal Office, making it relatively simple to apply for a PRAN card online.

Every subscriber is given a one-of-a-kind 12-digit Permanent Retirement Benefit Number that may be accessed from anywhere in India. Account types that can be kept under PRAN.

  • Tier I Account: It is a non-withdrawable account used to save for retirement.

  • Tier II Account: This is a purely voluntary savings account. The subscriber is allowed to withdraw funds from this account at any time, and this account provides no tax benefits.

All NPS customers are required to have a PRAN Card.

Applying for PRAN Card

You can apply for a PRAN card in 2 ways. Online or Offline. Read on for more details.

For The Online System

A subscriber must complete five parts in which they must enter specific information. The following information should be supplied with the completed application for PRAN registration:

  • Section A contains A subscriber's personal information.
  • Section B contains employment information.
  • Section C contains Subscriber nomination information.
  • Section D has Scheme specifics.
  • Section E contains T-PIN and I-PIN Declaration.

The Drawings and Distributing Officer will fill Section B of the five parts stated above (DDO). The subscriber must fill in the blanks in the remaining sections. If a subscriber is already enrolled with the previous pension plan and requests a new PRAN, the same information must be given. Existing subscribers must fill out a new registration form to be enrolled in the CRA system because the government of India's New Pension Scheme (NPS) includes several adjustments. Unlike the previous pension plan, which depended on employees' final salary, the newer pension scheme comprises the company and the employee. Both contribute to creating a pension fund provided to employees at retirement.

Aside from the documents listed above, the following information is required:

  • Personal and professional information
  • Bank information is also required. If bank information is not accessible while filling out the paperwork, the registrant must make a declaration promising to provide information within six months.

PAN Card, nomination, and scheme preference information are all optional, and this information is available at all times after registration. If a subscriber does not specify his program selections, his investment will be invested in the Pension Fund Regulatory and Development Authority's default schemes ( PFRDA ).

Apply for PRAN using Aadhar

  • NPS KYC can be conducted with authentication by Aadhaar OTP (One Time Password).
  • The Aadhaar OTP is sent to the Aadhaar database's registered mobile number.
  • Your demographic information and photo will be immediately pulled from the Aadhaar database and entered into the online form.
  • You may have to fill out all of the required information online.
  • As part of the registration procedure, you will be requested to upload a scanned signature (in *.jpeg/*.jpg format with a file size of 4kb - 12kb).
  • You can upload a scanned photograph to replace the photo obtained by Aadhaar.
  • You will be sent to a payment portal where you can make a debit/credit card or Internet Banking payment to your NPS account.

Apply for PRAN using PAN

You must have a (Permanent Account Number) or PAN Card to apply for PRAN using your PAN Card. The following are the main elements to keep in mind while you apply for PRAN via PAN-

  • For KYC verification for subscriber registration through eNPS, you must have a bank account with the empanelled bank.
  • Your KYC will be verified by the bank you choose throughout the registration process.
  • The name and address supplied during registration must match the bank records for KYC verification.
  • The request will be rejected if the details do not match. If the selected bank rejects the applicant's KYC, the applicant must contact the bank.
  • You must fill out all of the required information online.
  • You must provide a scanned photograph and signature in the *.jpeg/*.jpg format, with a file size of 4kb to 12kb.
  • You will be directed to a payment channel to make an Internet Banking payment to your NPS account.

For Offline Procedures

For people without internet connection, the following are the processes to register for a PRAN card:

  • The PRAN card application form is accessible at any NPS site of presence - service providers, or you may ask anybody to download it from the NSDL website.
  • Personal information, a picture, and your signature must be included on the application form. Your KYC papers showing your identity and residence should be included in the document - Aadhaar card, Passport, PAN card, driver's license, etc., taking care that there are no KYC frauds.
  • When you submit your application to any NPS site of presence - service provider, you will be given a PRAN application number. The form should then be forwarded to NSDL e-Governance Infrastructure Limited.
  • To register, you must make an ₹500 donation and send the NCIS (Instruction Slip), which includes the information of the initial payment made.
  • To check the progress of your PRAN card application, phone 022 – 4090 4242.

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Documents Required When Applying For PRAN

Applicants must attach specified documentation to respective PRAN application forms to register under the scheme. Here are several documents that must be carried:

  • PRAN card application form
  • The Aadhaar card.
  • The PAN card.
  • For internet mode, I scanned copies of passport-size images.
  • Bank passbook photocopy
  • Signature scanned copies.

Additionally, NRI subscribers must be informed of the PRAN registration process.

Once the PRAN is created, an e-mail and SMS alert will be issued to the Subscribers' enrolled e-mail ID and contact number supplied on registration. The notice only mentions the very last four digits for security reasons.

The subscriber can verify the progress of the form with the related nodal office that submitted it to CRA-FC.

Once the PRAN is created, an e-mail and SMS notification will be issued to the subscriber's specified e-mail ID and contact information. One can get a Permanent Retirement Account Number login user ID via SMS or e-mail.

If a Subscriber does not get the PRAN Card, he should contact the corresponding nodal office or check the status on the official CRA NSDL website and click on the link "Track the status of the PRAN Card." Check the status of your PRAN Card by calling 022–4090 4242 or e-mailing eNPS@nsdl.co.in.

Notifications Regarding PRAN

Using an e-sign is the right approach to activate your PRAN Card. Subscribers who have enrolled for PRAN using their Aadhar card need to follow the procedures below to e-sign the document:

  • Select the 'eSign' option on the e-sign/Print and courier page.
  • You must receive an OTP at your registered phone number.
  • The registration is e-Signed after the OTP is validated. There is no longer any reason to transmit a hard copy of the form to the CRA PRAN.

The claimant must take a print form for offline activation, and then they must sign it and mail it to the CRA for offline registration.

Checking the Status of PRAN Application

Checking PRAN Status with the help of PRAN Number:

  • To begin, open your browser and go to the official NSDL website. You can use the npscra.nsdl.co., link to navigate the page.
  • To see the direct links, scroll down to the bottom of the page.
  • Now, from the list of links, choose PRAN Card Status NPS regular.
  • Select Type of PRAN from the options on the new page.
  • Fill in the Captcha code and your PRAN number twice.
  • Submit your information and wait for the gateway to get it.

The current state of the PRAN card will be displayed on the screen, along with an estimate for the arrival of your PRAN.

CRA: Central Recordkeeping Agency, NSDL

To safeguard the welfare of NPS members and their assets, the Central Recordkeeping Agency must build an internal system that ensures compliance with requirements for internal organisation and operational behaviour. PFRDA directs the operations of the Central Recordkeeping Agency. It is in charge of all NPS subscribers' recordkeeping, administration, and customer service duties, such as getting feedback from subscribers through points of presence, forwarding such instructions to pension funds, and carrying out transferring instructions received from subscribers.

The CRA serves as an operational liaison between the PFRDA and other NPS facilitators such as Pension Fund Managers, Annuity Service Providers, Trustee Banks, etc.

The CRA serves as an operational liaison between the PFRDA and other NPS facilitators such as Pension Fund Managers, Annuity Service Providers, Trustee Banks, etc.

PFRDA has now appointed CRA NSDL e-Governance Infrastructure Limited and KFin Technologies Private Limited as NPS Central Recordkeeping Agencies (CRAs).

Conclusion

The PRAN is a particular number assigned to each National Pension Scheme account holder6. It aids in the identification and differentiation of one customer from another, eliminates overlapping in cases of similar names or data, and allows members to examine the amount in their respective NPS Accounts. The Permanent Retirement Account Number service is an essential component of the NPS. PRAN is critical to the success of NPS because of aspects such as ease of processing, offline and online processes, speedy allocation, and universal applicability. Tier I Account: It is a non-withdrawable account used to save for retirement. Tier II Account: This is a purely voluntary savings account. The subscriber is allowed to withdraw funds from this account at any time. This service includes no tax benefits.
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FAQs

Q: How can I find out what my CRA-NSDL balance is?

Ans:

Type your User ID, Password, and CAPTCHA code at www.cra-nsdl.com. Click on 'Holding Statement' under the 'Transaction Statement' section to get the specifics of your accumulated amount. By selecting 'Transaction statement,' you may also view the specifics of your activities, including donations.

Q: What is the Permanent Retirement Account Number login user ID?

Ans:

PRAN is the unique Id for NPS. To receive a user ID, you must complete an application form with all required information and send it online or offline along with your KYC papers. Once you've obtained your Permanent Retirement Account Number Login user ID, you may use the web portal and create your password.

Q: How long would it take Pran to become active?

Ans:

Continue to monitor the status of the PRAN application. The Permanent Retirement Account Number is created, and the printed card is issued within 20 days of the CRA receiving the complete registration form.

Q: Who is eligible for the program for a PRAN Card?

Ans:

A PRAN Card can be obtained by any Indian citizen aged 18 to 65. The National Securities Depository Limited (NSDL) serves as the NPS's Central Record-keeping Agency (CRA). As a result, one could apply for PRAN using the PRAN NSDL portal.

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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.