What is a PRAN Card: Apply, Document Required & Status Check

1. What a PRAN Card 

A PRAN (Permanent Retirement Account Number) Card is an essential identification card for individuals who are part of the National Pension System (NPS) in India. The PRAN Card is a unique number allocated to each subscriber under the NPS, a government-sponsored pension scheme that aims to provide retirement income to all Indian citizens. The significance of the PRAN Card lies in its role as a lifelong retirement savings account, allowing for systematic savings during the working life of an individual. This card ensures that pension contributions are tracked accurately and provides a unique identification for accessing the benefits of the NPS.

2. Features and Benefits of Having a PRAN Card

The PRAN Card comes with several features and benefits, highlighting its importance and advantages.

Unique Identification: The PRAN Card provides a unique identification number to each subscriber, ensuring accurate tracking of their pension contributions and benefits.

Portability: The PRAN Card is portable across jobs and locations. Subscribers can continue using the same PRAN number even if they change their jobs or move to a different city.

Transparency: The NPS offers transparency regarding contributions and returns. Subscribers can view their account details and transaction history online through the PRAN login portal.

Flexibility: Subscribers can choose their preferred investment options and fund managers, providing flexibility in managing their retirement savings.

Tax Benefits: Contributions to the NPS qualify for tax deductions under Section 80CCD of the Income Tax Act, making it a tax-efficient retirement savings option.

Regulated by PFRDA: The NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), ensuring security and proper management of the funds.

3. Eligibility Criteria for a PRAN Card

The eligibility criteria for obtaining a PRAN Card under the NPS are straightforward:

The Permanent Retirement Account Number (PRAN) Card is an integral part of the National Pension System (NPS) in India. To be eligible for a PRAN Card, specific criteria must be met by both individuals and entities. Here’s a detailed outline of the eligibility requirements:

For Individuals

1. Age:

• Any Indian citizen aged between 18 and 70 years is eligible to apply for a PRAN Card. This age range ensures that young adults can start saving early for retirement, and older individuals can still join the scheme up to a reasonable age.

2. Residency:

• Both Resident Indians and Non-Resident Indians (NRIs) are eligible to apply for a PRAN Card. This inclusivity allows NRIs to also benefit from the pension scheme and plan their retirement efficiently.

3. Employment Status:

• Salaried Employees: Employees from both the public and private sectors can apply. This includes central and state government employees, as well as employees from corporate entities.

• Self-Employed Individuals: Self-employed professionals, entrepreneurs, and business owners are also eligible to apply for a PRAN Card. This flexibility ensures that non-salaried individuals can also secure their future through the NPS.

4. Members of Unorganized Sector:

• Individuals working in the unorganized sector, such as agricultural workers, artisans, and laborers, can also join the NPS. The Swavalamban Scheme under NPS specifically targets this group to encourage retirement savings among them.

For Entities

1. Corporates:

• Companies registered in India can opt to provide NPS benefits to their employees. Corporate entities can facilitate the registration of their employees under the NPS, thereby enhancing their retirement benefits package.

2. Government Organizations:

• Various government departments and public sector undertakings (PSUs) can register their employees under the NPS. This includes central government departments, state government departments, and autonomous bodies.

3. Associated Employees:

• Employees of entities associated with the government or corporations, such as joint ventures and subsidiaries, are also eligible for PRAN registration under the NPS.

Special Schemes under NPS

1. NPS Lite:

• Targeted towards economically disadvantaged sections, the NPS Lite is designed for low-income groups who may not have regular income but wish to secure their retirement.

2. Atal Pension Yojana (APY):

• Specifically aimed at unorganized sector workers, APY encourages workers to save voluntarily for their retirement. Subscribers aged 18 to 40 years can join APY and get guaranteed minimum pension benefits.

For Entities:

• Corporates: Companies can also register under the NPS and provide their employees with the benefit of NPS contributions.

• Government Organizations: Various government departments and public sector undertakings can register and offer NPS benefits to their employees.

4. Necessary Documents Required for Online PRAN Card Application

Applying for a PRAN Card online requires a set of identification and proof of address documents. Here’s a list of the necessary documents:

Identification Documents:

• Aadhaar Card: A mandatory identification document for all applicants.

• PAN Card: Necessary for tax-related identification.

Proof of Address Documents:

• Utility Bills: Recent electricity, water, or telephone bills.

• Bank Statement: A recent bank statement or passbook with the applicant’s address.

• Passport: An acceptable proof of address for NRIs and resident Indians.

5. How to Apply for a PRAN Card Online?

Applying for a PRAN Card online involves a few simple steps:

Step 1: Access the Official NPS Portal

• Visit the official NPS Trust website and navigate to the ‘National Pension System’ section.

Step 2: Register Online

• Click on the ‘Register’ button to start the registration process.

• Fill in the necessary personal details, including name, date of birth, email address, and mobile number.

Step 3: Select Registration Type

• Choose the type of registration: Individual Subscriber or Corporate Subscriber.

Step 4: Provide Identification Details

• Enter your Aadhaar number or PAN Card details.

• Authenticate using OTP sent to your registered mobile number (if using Aadhaar).

Step 5: Fill in the Address and Other Details

• Provide your residential address and other necessary details.

• Upload scanned copies of your identification and proof of address documents.

Step 6: Choose Your Pension Fund Manager

• Select your preferred Pension Fund Manager (PFM) and investment scheme.

Step 7: Make the Initial Contribution

• Make an initial contribution to your NPS account as per the minimum amount requirement.

Step 8: Verification and Submission

• Review all the details and submit the application.     

• You will receive an acknowledgment number, which can be used to track the status of your application.

6. Checking the Status of a PRAN Card

After applying for a PRAN Card, you can check the status of your application through the following steps:

Step 1: Visit the NSDL NPS Portal

• Access the NSDL CRA website and navigate to the ‘Track Status’ section.

Step 2: Enter Your Acknowledgment Number

• Input the acknowledgment number received during the application process.

Step 3: View Status

• The status of your application will be displayed, indicating whether it is under processing, approved, or requires additional information.

Common Issues During Application:

• Incorrect Details: Ensure all the details provided during the application are accurate to avoid delays.

• Document Verification: Sometimes, uploaded documents may not be clear or legible, leading to verification issues.

• Payment Issues: Ensure the initial contribution payment is successful to avoid application rejections.

Frequently Asked Questions (FAQs)

1. What is a PRAN Card, and why do I need one?

 A PRAN Card is a unique identification number provided to subscribers of the National Pension System (NPS) in India. It is essential for tracking your pension contributions and managing your retirement savings efficiently.

2. Can I use the same PRAN Card if I change my job?

 Yes, the PRAN Card is portable across jobs and locations. You can continue using the same PRAN number even if you change your job or move to a different city.

3. What should I do if my PRAN Card application is rejected? 

If your application is rejected, review the provided details and documents for accuracy, rectify any errors, and resubmit the application.