What is PRAN?
PRAN refers to Permanent Retirement Account Number. It is a 12-digit unique number available to all netizens who have applied for and are contributing towards retirement savings under the National Pension Scheme. All those who have taken up this scheme, it is mandatory for them to behold a PRAN. Without this, you would not be able to check your balance, contributions and savings as well as apply for the Atal Pension Yojana.
The PRAN numbers are allotted for a lifetime and need not need to be renewed at any point in time. In case you have lost the card/number, you can apply for a replacement by paying the minimal charges required for the same. The PRAN accounts can be accessed from any location in India. However, each APY subscriber has been getting a separate PRAN.
A PRAN user has access to two types of accounts. It is up to them as to which account they would like to choose from-
- Tier I Account– The withdrawal option is not available for this account. This account is basically opened with the intent for retirement savings.
- Tier II Account– This account serves as a voluntary savings account. You can withdraw from this account as per choice. However, no tax benefit is provided to the account holders with this type of account.
The PRAN card contains the below details-
- Subscriber’s name.
- Father’s name.
- Subscriber’s signature/thumb impression.
How to Apply for PRAN?
Since the National Securities Depository Limited maintains all the records for the National Pension Scheme, an applicant has to submit his application for PRAN at the NSDL portal only. Your duly filled form along with the required documents need to be submitted to the Point of Presence-Service Providers there. For those who already have an active Tier I account, they would need to submit the form for Tier II account along with a copy of the Tier I PRAN card.
If you are from the corporate sector and are willing to avail this scheme, a duly filled form CS-S1 needs to be submitted at the corporate office.
The minimum contribution that is taken into account while registering for the Tier I and Tier II account are Rs.500 and Rs. 1000 respectively.
In order to apply for PRAN, you would need to have the following list of documents-
- Duly filled application form (you can download the same from the NSDL portal)
- Photograph of the account holder.
- Scheme preference details.
- KYC documentation.
- Identity proof.
- Address proof.
- An authorized bank account
- Your scanned photograph and signature in size of 4kb – 12kb.
- Debit/credit card/ internet banking details to process online payment.
Once you have successfully submitted your application, a notification alert is generated and you would receive the application tracking number via an SMS to your mentioned mobile number and to your provided email address too. In order to maintain privacy and security reasons, only the last 4 digits of the account number are made available to the customers during communication over the email/SMS.
Availing benefits of Atal Pension Yojana using PRAN
A few years back, employees belonging to the unorganized sector opted for a social security scheme by the name of Swavalamban Yojana NPS Lite. This scheme wasn’t able to gain much popularity, thus, the government made some amendments to the ongoing scheme in early 2015. It was renamed as the Atal Pension Yojana and was aimed at catering to the needs of the workers in the unorganized sector.
Unlike the older scheme, APY offers attractive incentives to its members. The most important highlight of this scheme is the government contributing 50% to every member’s yearly saving (that’s equivalent to almost Rs.1000 each year for 5 years).
So, how much can an unpaid employee get in this scheme? New members can enrol anytime. The age group is 18-40 years. If you avail this scheme when you’re under 40 years, you are entitled to Rs.5000 per month if you retire at the age of 60 years. All you need to do is contribute monthly to the scheme for 20 years.
How to check PRAN status online?
The PRAN account numbers are generated and the cards are normally dispatched after 20 days from the receipt of the duly filled application form at the CRA facilitation centre. Whenever you successfully submit an application, a 17-digit receipt number is generated and details of the same are shared with you over an SMS/Email, or given as an acknowledgement by the POP-SP. The subscriber can check the status of the same online by sharing the acknowledgement number, or checking with the nodal officer.
Once you obtain your PRAN, you can even shift it from one State Government to the other. All you would need to do is submit the Form ISS-1 (Inter Sector Shifting form) at the target nodal office to where you are shifting to. For shifting of PRAN within the same government, form ISS-1 is not required. You would just need to notify at your new office. Once the monthly NPS contribution at the new office is processed, your PRAN would get associated to new office in the CRA system.
How to apply for PRAN online?
In order to process your application online, you would just need to follow a few simple steps listed below-
- Go to the NSDL portal using the link https://enps.nsdl.com/eNPS/OnlineSubscriberRegistration.html?appType=main
- Click on New Registration.
- Choose Individual Subscriber.
- Choose Citizen of India.
- Choose PAN or Aadhar whichever is available with you.
- Choose the type of account- Tier I or Tier II.
- Enter your PAN/Aadhar number.
- Choose the type of bank with which you have an account from the drop down menu.
- Click and proceed to the next screen.
- Under subscriber registration details, you would need to fill out your personal information.
- Once submitted, an acknowledgement number is generated for future usage.
- Proceed with the form, fill out the contact details, details of your bank, scheme details and details of nomination, if any.
- In the next screen, upload your scanned photo and signature.
- Once done, you would be redirected to the payment page, where a payment of Rs. 500 needs to be made for Tier I account and Rs.1000 needs to be made for Tier II account.
- After successful payment, you would be allotted your PRAN number.
- Once done, you would need to take a print out of the form. Paste your picture and manually sign on the form.
- Within 90 days from the date of registration, kindly ensure to send across the form to the below mentioned location for further action and usage-
Central Recordkeeping Agency (eNPS)
NSDL e-Governance Infrastructure Limited,
1st Floor, Times Tower,
Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai – 400 013
- After successful receipt of the form at the CRA office, the card is dispatched to your registered address within 20-30 days from the date of receipt.
For those who do not get an option to make payments online or register themselves can fill out the form offline by downloading from the NSDL portal. You would need to fill out the details and send the form along with the requisite documents and Demand draft of the amount drawn in favour of CRA to the central facilitation agency to avail your PRAN.
Now that we have simplified the process for you and provided the detailed procedure, apply for your PRAN soon and avail its benefits, including the Atal Pension Yojana.