Permanent Retirement Account Numbers, or PRANs for short, are 12-digit unique numbers given to anyone who has joined the National Pension Scheme (NPS). The PRAN number is essential for overseeing an NPS participant’s retirement savings, which means it is best that you get your PRAN on time to efficiently track your pension fund. You can also make contributions to your retirement savings and take advantage of other NPS benefits via your PRAN number. In essence, having a PRAN means your retirement plans will go smoothly without unnecessary complications!
While professionals employed by private organizations have the option to opt in or out of PRAN, central and some state government employees are required to obtain a PRAN number without exception. However, no matter the company you work for, it is in your interest to have retirement plans, and having a PRAN will make every transaction effortless on your part. Even if you choose a private retirement fund, learn the details of PRAN to apply for one.
You can apply for a physical PRAN card if you already have a PRAN number and an NPS account so that the details of your PRAN will be physically accessible to you all the time. If you don’t know what is PRAN number, you can go check the NPS portal for details. Building a retirement fund is the goal of the national pension system, a central government pension plan that was first made available to government employees. These days it is available to workers in all industries, including the unorganized sector.
Retirement funds are helpful because you can gradually accumulate a substantial amount by investing a small sum of money each month through NPS. NPS accounts come in two varieties called Tier 1 and Tier 2, and the principal account, Tier 1, has a lock-in period that lasts until you reach 60 years of age. Tier 2 accounts are optional and do not provide the same tax advantages as Tier 1 accounts.
You can apply for a Permanent Retirement Account Number, the PRAN card full form, both online and offline.
Offline PRAN Application
You can go to your Point-of-Presence (PoP) for offline application of PRAN. PoPs are permitted to do a variety of NPS-related tasks, such as receiving deposits, sending applications for partial withdrawals, nomination changes, and transfers of NPS accounts, among other things.
The PRAN card application form is identical to the one used to sign up for the National Pension System (NPS) program since PRANs are mostly granted to NPS members. Here is a list of the information you will need for a PRAN application:
Online PRAN Application
You may apply for PRAN online using either your PAN Card or your Aadhar Card. The specific steps are mentioned below.
Apply for PRAN using Aadhaar:
Apply for PRAN using PAN:
The following paperwork is needed when submitting a PRAN application:
The PRAN full form is the Permanent Retirement Account Number, and even NRIs can apply for this card. NRIs often get this number so that they get easy access to their retirement fund details and can use retirement calculator and other such benefits.
NRIs must go to the eNPS portal and follow the instructions in "How to Apply for PRAN Card Online?" to submit an online application. NRIs must complete an Annexure S3 form and turn it in at the closest NPS Point of Presence (PoP) for offline applications, and the same documents listed above are still needed for NRI candidates. After successfully registering, people will get their physical PRAN card within three weeks after submitting the completed form and required paperwork.
Many young professionals are often confused about the PRAN number meaning, and for their benefit, we have listed the details of PRAN including the application process. Permanent Retirement Account Number (PRAN meaning) can be used for the National Pension System (NPS), a voluntary retirement savings plan. With a PRAN number, it is simple to access your fund and check the amount with the use of a retirement calculator. But the benefits don’t just stop there, this unique card number provides clients with other advantages that guarantee a safe investment for their post-retirement years.
You can use your 12-digit Permanent Retirement Account Number (PRAN) and other required information to log in to the eNPS portal to check the balance on your PRAN card. After logging in, you may see all data about the National Pension Scheme (NPS), such as past transactions and contributions, and you can also add or change bank information if needed.
The Indian government introduced the National Pension System (NPS), a pension and investment plan that people can voluntarily participate in. The Pension Fund Regulatory and Development Authority (PFRDA) oversees the scheme, and with secure and controlled market-based returns, it offers an alluring long-term saving option for planning your retirement.
No, you are not allowed to hold more than one PRAN card number as each person is given a unique PRAN number that is connected to all of their National Pension Scheme information.
Piyush Kataria, SEO Manager at PNB MetLife, is a seasoned digital marketing strategist with over a decade of experience in optimizing websites for search engines. His expertise extends to keyword research, content strategy, technical SEO, and link building, all of which have been instrumental in driving organic traffic growth at PNB MetLife. With a strong foundation in life insurance, Piyush leverages his industry knowledge to create targeted and effective SEO campaigns.
Sakshi Malhotra is a seasoned marketing professional associated with the Life Insurance industry since 2007. At PNB MetLife, she heads Digital Marketing and Direct to Customer line of business. She is responsible for driving effective customer engagement through the company’s website and social media channels. In addition, she drives customer online buying journeys to help them buy the right product.
Disclaimer:
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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