PRAN stands for Permanent Retirement Account Number. The PRAN number came into existence after the Central Government has introduced the NPS( New Pension System) with effect from 1st January, 2004. The National Pension Scheme has made this account number compulsory for all Central Government employees who has joined service on or after 1st January, 2004. Central government employees joining service on or after 1st January, 2004 get automatically enrolled for the National Pension System.
How to apply for PRAN Card
Since registration for Permanent Retirement Account Number (PRAN) is a must for central and state government employees, they can register for PRAN with National Securities Depository Limited (NSDL). The application form for PRAN registration is available on the official website of NSDL which an employee needs to download and fill. The filled application should be submitted by employees to their administration officer who would finally submit the application to CRA (Central Record Keeping Agency). Subscribers who are registered with DDO (Drawing and Disbursing Office) and CRA can only apply for allotment of PRAN. First they need to first register with CRA before registering with DDO. Any subscriber/employee falling within the age group of 18 to 60 years can apply for a Permanent Retirement Account Number.
How to apply for PRAN online?
Both Central and State Government employee can apply for PRAN card, if they are registered with the Central Record Keeping Agency. An employee/subscriber can apply for PRAN by visiting the website of NSDL. The online application is available on the website. The Nodal Office generates the Permanent Retirement Account Number, making PRAN card apply online very simple.
Details required for online PRAN application
A subscriber needs to fill 5 sections wherein he/she has to fill up certain details. The following details should be submitted along with the filled application for PRAN registration:
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.
Among the 5 sections mentioned above, the section B will be filled by the Drawing and Disbursing Officer (DDO). The details in the remaining sections need to be filled by the subscriber. In case, a subscriber who is already registered with the old pension scheme and applies for a fresh PRAN, the same details should be provided again. Existing subscribers needs to submit fresh application form to be registered with the CRA system. Because this New Pension Scheme (NPS) launched by the government of India comes with certain changes. Unlike the old pension scheme which was based on the last pay drawn by employees, this new pension scheme involves both employer and employee and they contribute for creating a pension wealth which is payable to employees at the time of retirement.
Apart from the documents mentioned above, the mandatory details include:
- Personal and employment details.
- Bank details are also mandatory. In case, bank details are not available at the time of filling the form, the subscriber can make a declaration for providing them within 6 months.
Information such as PAN Card, nomination and scheme preference details are optional. These information can be provided at any time after registration. In case a subscriber does not provide his scheme preferences, his contribution will be invested in the default schemes hold by the Pension Fund Regulatory and Development Authority (PFRDA).
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