If you’re looking to invest in NPS, you will need a PRAN Card. Don’t know what a PRAN is? Read on to know more!
You probably already know all about PAN Cards, Aadhaar Cards, Voter ID cards and the likes. But, have you ever heard of a PRAN Card? Well, for those of you not in the know, PRAN stands for Permanent Retirement Account Number. PRAN came into existence ever since the Central Government started the New Pension Scheme (NPS) in 2004.
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So, what is PRAN?
Similar to your PAN card, a PRAN is a 12 digit unique account number assigned to any citizen who has invested in the NPS or are employees of the Central Government. This also means that Central Government employees who joined the service post 2004 automatically get enrolled for the National Pension Scheme.
This card contains your name, your PRAN, your father’s name, your photograph and signature/thumb impression on it. Registration for PRAN is a must to avail benefits of NPS. NPS subscribers are required to register for their PRAN with the National Securities Depository Limited (NSDL) who are the Central Record Keeping Agency (CRA) for NPS.
Moreover, an NPS subscriber needs to quote their PRAN in case of any interaction with designated Points Of Presence (POPs) or CRAs pertaining to their NPS account. As the name suggests, this is a permanent account number and will never change irrespective of whether you change your POP, transfer your account or change the NPS scheme.
In short, your PRAN is like a unique PAN card that stays with you for life.
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How To Apply For PRAN?
Getting a PRAN is the first step when subscribing to the NPS, which means PRAN is nothing but your NPS account number. This can be done through various channels. A subscriber or an employee of the State/Central Government can apply for PRAN by visiting the official website of NSDL (https://nsdl.co.in/index.php).
You will be required to fill in the CSRF1 (Common Subscriber Registration Form) that is available on the website or is available at any POP. The form contains fields in which you will have to enter your personal details, contact details, address and bank details.
You will also have to fill out the nomination details on this form. Once this is done, you need to affix a photograph, sign the form and submit the required documents along with it. You can submit this to the POP with your first contribution to NPS.
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The application form has various sections:
Section A – Personal details of a subscriber
Section B – Employment details
Section C – Nomination details of subscriber
Section D – Scheme details
Section E – Declaration of T-PIN and I-PIN
However, while Section B will be filled in by the Drawing and Disbursing Officer (DDO), the details in the other section need to be filled in by the subscriber. In case a subscriber who is already registered with the old pension scheme needs to apply for a fresh PRAN, then the same details must be provided again. However, this needs to be done via a fresh application form.
The online application is available on the website and once you have filled this up, you can submit this to the CRA. The Nodal Office then generates the Permanent Retirement Account Number.
How To Check Your Application Status
Usually, you should receive your PRAN Card within 20 – 30 working days post submission of your application. However, if you need to check your application status, you can log on to the NSDL website.
You will then need to enter the PRAN that had been allotted to you during the application. Once you click on submit, the website will reveal the status of your application.
You could also reach out to the NSDL office by calling them on (022) 2499 4200 or write to them at info@nsdl.co.in
Additional Reading: All You Need To Know About Investing In NPS
Investing in NPS is a good way to grow your money, especially if you’re looking for a long-term investment option. However, if you’re interested in something for the short term, then we have plenty of Mutual Fund options for you. With a minimum investment of just Rs. 500, you can start your SIP today!