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Permanent Retirement Account Number (PRAN): A Detailed Guide

26-07-2022 |

The Permanent Retirement Account Number or PRAN number is a unique 12-digit numerical code assigned to every National Pension Scheme subscriber.

The National Pension Scheme (NPS) refers to a government-sponsored savings vehicle that secures the applicant’s life after retirement with benefits in the form of a monthly pension. The retirement savings plan encourages regular investment and helps inculcate the habit of savings. Earlier, the scheme was available only for central and state government employees. However, it is now open to individuals from all sectors, except for those in the armed forces.

The Central and State Government employees must register for a PRAN Card. Registration is possible with the National Securities Depository Limited (NSDL).



Types of Accounts Under PRAN

There are two types of NPS accounts under PRAN.

  • Tier 1: Funds accumulated in this account cannot be withdrawn until retirement. The objective of the account is retirement savings.

  • Tier 2: This account is similar to a savings account. It permits the withdrawal of funds. But there are no tax* benefits.

After the allocation of the PRAN number, NPS subscribers can choose to receive a physical copy of the PRAN on a PRAN card. The PRAN is a unique identifier for an NPS subscriber. Thus, once allotted, there is no option to change the number throughout the subscriber’s life.

An NPS account holder can apply for PRAN via the online and offline methods.



Offline Application for PRAN

Applying for PRAN using the offline mode is simple and convenient. You need to visit the nearest Point-of-Presence (PoP) under the National Pension System. Generally, this is your bank. These centres can help you with various NPS-related activities, including forwarding NPS applications, accepting deposits, submitting applications for withdrawal, applications for changing nomination, etc.



Application Form for PRAN Card

Permanent Retirement Account Number is issued to NPS subscribers. As a result, the application form for PRAN Card is the same as the NPS subscription. The vital details you need to provide in the application include:

  • Subscriber’s personal details

  • Subscriber’s employment details

  • Subscriber’s nomination details

  • Subscriber scheme details

  • Declaration to the Pension Fund Regulatory and Development Authority


Online Application for PRAN



To apply for PRAN online, you can visit NSDL’s website or Karvy’s website. They are the CRAs entrusted with opening and maintaining NPS accounts in India. The online portal allows you to apply for PRAN through PAN Card or Aadhaar Card.

The detailed steps to apply for PRAN online are mentioned below.

Application for PRAN through Aadhaar Card

  1. You can complete your NPS KYC using Aadhaar OTP authentication.

  2. You will receive the OTP on your Aadhaar-linked mobile number.

  3. The online form automatically fetches your photo and demographic details.

  4. You may have to enter the other mandatory details online.

  5. The scanned signature must be in jpg/jpeg format with a file size between 4kb and 12kb during the registration process.

  6. To change the photo fetched from your Aadhaar database, you can upload a scanned photograph.

  7. As the next step, you will arrive at a payment gateway to pay for your NPS account using internet banking, debit card, or credit card.


Application for PRAN through PAN Card

The other method to apply for PRAN online is using your PAN Card. Keep the following points in mind as you apply for your PRAN through PAN.

  1. Make sure you have a bank account with the enlisted banks to complete KYC verification for subscriber registration through eNPS.

  2. The bank you select at the time of registration will take care of your KYC verification.

  3. Ensure that the name and address in your bank records are the same as what you provide for registration.

  4. If there is a mismatch in the details, your request can get rejected. If KYC is rejected by the selected bank, the applicant must get in touch with the bank.

  5. Enter all the mandatory details online.

  6. The scanned signature and photograph you upload should be in *.jpg/*.jpeg format with a file size between 4kb and 12kb.

  7. You will arrive at a payment gateway to pay for the NPS account via internet banking.


What are the Documents Required to Get a PRAN number?

Along with the application form for PRAN Card, you need to provide the following documents:

  • PAN Card issued by the Income Tax* department

  • Aadhaar Card

  • A scanned copy of your passport-sized photograph

  • A scanned copy of your signature

  • Cancelled cheque/bank passbook in digital form

NRIs can also apply for a PRAN number using their NRI/NRO bank accounts. An NRI applicant needs to submit a scanned copy of the passport. Please remember that the file size of the scanned documents should be between 4kb and 12kb in a .jpg or .jpeg format.



Activation of PRAN Card

For PRAN card activation, you need to electronically sign the document using the eSign option. If you used your Aadhaar card for generating a PRAN card, you can eSign the document by implementing the steps mentioned below:

  1. On the eSign/Print & Courier page, choose the ‘eSign’ option. You will proceed to the next page for OTP generation to activate your PRAN Card.

  2. You will receive the OTP on your Aadhaar-linked mobile number.

  3. Once you authenticate with the OTP you receive, your registration form will have your eSign, and you will see a confirmation message for the same.

  4. There is no need to send a physical copy of the registration form to the CRA for PRAN Card activation if your document is eSigned.

  5. You need to pay the fee for the eSign service as it appears during the activation process.


Conclusion

The Permanent Retirement Account Number facility is an essential component of the National Pension Scheme. It is instrumental to the success of NPS. Its features, such as offline and online procedures, ease of application, widespread applicability, and quick allotment, help one manage their online retirement plan. If you haven’t secured your future with an appropriate savings plan yet, get a Tata AIA retirement plan today and ensure that your golden years are financially protected.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services, and does not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility for tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.