PRAN stands for Permanent Retirement Account Number and it was introduced by Indian government under National Pension Scheme (NPS). In this citizens save their amount of money on fixed deposit regularly and for NPS job holder it is compulsory so that they save money at time of their retirement process. It consist of a 12-digit number that will be allotted to each and every subscriber those who are eligible and they can access from PRA throughout our country.
Types of PRAN account:-
Basically there are two types of PRAN account and they are given and described below
In this subscriber cannot withdraw their money in middle and they have to wait until their retirement time to withdraw their money which means it is come under savings account
In this subscriber can withdraw their money at any time as he needs and no need of waiting until their retirement process and in this the drawback is he did not get any tax benefit for tier-2 account
Process of applying:-
Those who are willing to apply for PRAN shall made an application from National Securities Depository Limited and these document should be filled in presence of service providers.
Individuals:- Those who are willing to open Tier-1 and tier-2 account should duly submit their KYC update and those have tier-1 account and willing to move from Tier-2 should have to file a tier-2 PRAN card activation form
Corporate:– in this subscribers should submit their form to corporate office in file name of CS-S1 and minimum account balance for tier –q is 500INR and tier-2 is 1000INR
Documents to be required:-
One should have following documents in order to fill a PRAN form and they are
KYC proof such as ID proof and address proof
Details of their schemes
Notifications of PRAN:-
One can get their notifications and updates regarding any information can get to their SMS to their registered mobile number and registered mail-id and last digits are disclosed which means security to that person
PRAN Account Status checking:-
One can check their status by logging in to official website or going through nodal officer and one can use their 17-digit digit acknowledgement as to check their status.