What is a PRAN Card in NPS and How to get PRAN Online?

When nearing retirement, it's important for individuals to be financially secure. The National Pension System is an effective way to achieve this goal. To manage your NPS account, you need a Permanent Retirement Account Number. So, what is the PRAN number? It’s a 12-digit number that helps you track your NPS contributions and efficiently manage your pension account. This article will discuss what the NPS PRAN number is, its benefits and how you can apply for it.

What is NPS?

The NPS is a government-backed pension scheme designed to help Indian citizens build a retirement fund. It allows individuals aged 18 to 70 to invest regularly in their pension accounts and receive a steady income after retirement.

NPS offers two types of accounts: Tier I, a mandatory pension account with withdrawal restrictions, and Tier II, a voluntary savings account with flexible withdrawal options.

What is the PRAN card in NPS?

PRAN card’s meaning is Permanent Retirement Account Number. It’s a physical document that contains your unique PRAN number along with your photograph and personal details. It serves as proof of your NPS account and gives you access to various NPS services. With your PRAN, you can easily monitor your contributions, check your account balance, and manage your investments.

What are the benefits of a PRAN card?

Here are some unique benefits of having a PRAN card-

1. A PRAN card allows easy access to the NPS platform for tracking contributions and returns.

2. It is portable, meaning no matter where you go, you can access your NPS account from anywhere.

3. With a PRAN card, you have full control over your NPS account and can monitor transactions at any time.

4. NPS provides several tax benefits for subscribers. For example, employees contributing to their NPS can enjoy a tax deduction of up to 10% of their salary under Section 80CCD(1), subject to an overall limit of Rs. 1.5 lakh under Section 80CCE.

How to apply for a PRAN card online?

You can apply for a PRAN card using your Aadhaar or PAN card through the NSDL or Karvy websites. Here’s how to apply using your Aadhaar card-

- Complete your NPS KYC using the Aadhaar One-Time Password, which will be sent to your Aadhaar-linked mobile number.

- Your personal details and photo will be automatically filled out from the Aadhaar database.

- Enter any additional required information online.

- Upload a scanned signature during registration.

- If you want to replace the Aadhaar photo, upload a new scanned photo.

- Make your initial payment using a debit/credit card or internet banking.

Wrapping up

The PRAN card is an essential tool for anyone investing in NPS. It makes it easier to manage your pension contributions and monitor your account. The application process is also simple and easy.

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