NPS (National Pension Scheme) was introduced by the government with the motive to encourage savings amongst the citizens so that when they retire they get a fixed amount of money regularly. Howsoever, for the NPS holder, it is compulsory to have PRAN (Permanent Retirement Account Number) which is the PRAN no full form, so that they could see the saved amount in their Permanent Retirement Account (PRA).
In this article we'll explain topics like PRAN number full form, how many digits in PRAN number, PRAN holder means, PRAN number means and much more
PRAN or Permanent Retirement Account Number is a 12 digit number that is allotted to every subscriber so that they can access their PRA (Permanent Retirement Account) anywhere across India it is PRAN number example.
When we talk about PRAN, there are two tiers. Let us understand these tiers in brief down below:
It is that type of PRAN account from which the subscriber cannot withdraw the money. This means it is meant only for retirement savings.
This tier of PRAN is voluntary, in other words, the subscriber can withdraw the saved account from their account whenever they need. However, the subscriber cannot take the tax benefit on such account.
If a person wants to apply for PRAN then the application shall be made on the National Securities Depository Limited (NSDL). Moreover, the subscriber has to submit the filed documents to the Point of Presence – Service Providers (POP-SP). Here is the list of POP-SP:
The individual who wants to apply for Tier-I and Tier-II account shall submit a duly filled form together with KYC documents. In a case if an exiting Tier-I subscriber wants to open a Tier II account, then, in this case, the subscriber has to file Tier I PRAN card together with the Tier II activation form.
Any corporates who want to apply for PRAN has to file CS-S1 Form that needs to be submitted to the corporate office. At the time of applying for registration the minimum contribution needed by a subscriber for Tier I account is Rs 500 and for Tier II is Rs 1,000.
The PRAN application form shall be filled completely along with the following documents:
The subscriber gets notified through e-mail or SMS on the registered mail ID and phone number after he files the PRAN registration form. Only the last four digits of PRAN are disclosed in the mail or message considering the security of the person.
The Permanent Retirement Account Number is a printed card that is generally discharged within twenty days from the receipt date of the duly filled registration form.
It shall be noted that the POP-SP provides a 17 digit acknowledgment number to the prospective subscriber after filing the application form. And the applicant has to use this acknowledged number to check the status for their PRAN application either online or the Nodal officer.
In case if the subscriber wants to change the number in the NPS NSDL, he/she needs to follow the below-mentioned procedure:
Visit e-NPS nsdl Portal https://enps.nsdl.com/eNPS/NationalPensionSystem.html
Login to the NPS account with valid credentials
From the dashboard choose Update details section and click on the update contact details link
Through edit option, you can update your contact details such as mobile number or mail id
No, it is not possible to have more than one PRAN.
Yes, a subscriber can make an application for both Tier-I and Tier-II account at the same time by furnishing a composite form.
A subscriber can find the forms relating to PRAN on the e-NPS NSDL portal.
In order to change the password the subscriber has two option to do that:
A. Secret question
In case if you want to reset your password using a secret question that is chosen by you at the time of the first login, you just need to fill the PRAN, CAPTCHA Code and then have to answer the secret question.
B. Reset password using the mobile number and e-mail ID
In this case, you can reset your password with the help of an OTP generated on your registered mail id o phone number. You just have to furnish the PRAN, Date of Birth and OTP received and then you can reset the password.