How to Apply for a PRAN Card Online?
Investing is not only a way to increase your money; it is also a way to ensure your retirement. While there are numerous plans available to meet your retirement goals, NPS is a popular alternative on which many people rely.
Its popularity extends beyond retirement advantages, as you may profit from tax reductions at the time of investment and maturity. However, before making any investment, it is critical to understand the investment process. This knowledge can help you have a smooth investment experience.
NPS Fundamentals
The PRAN card is an important piece of information to understand while investing in NPS. PRAN, which stands for Permanent Account Number, is a 12-digit number assigned to your NPS account. For both Tier I and Tier II accounts, this is a lifetime number.
You may check the balance in your NPS account at any time and from any location using your PRAN card. This also allows you to update critical information, making it an important element of your NPS investment.
Continue reading to find out how to apply for a PRAN card online, what papers you'll need, and more.
Online Procedure
To apply for a PRAN card online, follow the steps detailed below:
- Visit the NSDL website
- Navigate to registration under the NPS section
- Choose the registration option (Aadhaar, PAN, CKYC, Digilocker)
- Select the applicant type (Individual, Corporate, Government)
- Choose account types (Tier I or Tier I and II)
- Enter the other details
- Click on Generate OTP
- Upload the signature as per the norms
- Complete the payment
- Check that all of the information you input is correct and up to date. This is because your registration request may be refused if there is a discrepancy.
Offline Process
Given below are the steps you can follow to register for PRAN offline:
- Visit the nearest PoP (Point of Presence) for NPS
- Fill out the PRAN card application form
- Attach all the necessary documents
- Cross-check all the details
- Submit the form with the documents
- Make the payment for your investment
- Keep the papers accessible and up to date. This will make your investment experience more smooth. You will be assigned an application number whether you apply online or in person.
Keep this number safe in case you need to check the progress of your application.
Information in PRAN Application Form
Knowing the information you need to fill out the PRAN card application form will allow you to complete it fast and properly.
The following is the general information you will need to fill out the application form:
Personal details: Name, address, and other personal information
Employment details: Current employment details
Nomination details: Details of the one who gets access to the funds in your absence
Scheme details: Information about the investment and fund allocation
Declaration, if any
Documents Required for PRAN Card
While understanding how to apply for a PRAN card is important, you should also be aware of the papers that must be submitted. This way, you'll be able to maintain everything ready while applying.
The following are the general papers you must submit:
PAN card
Aadhar card
Passport, for NRI applicants
Passbook/ Cancelled cheque
Photographs
How to Check PRAN Card Status
In most cases, your PRAN card will be sent within three weeks. You can check the status of your application throughout this period. The actions to take are as follows:
- Visit the NPS NSDL website
- Go to the section for tracking application status
- Enter the application number and captcha
- After you submit the information, the status of your application will be displayed on the screen. You may also inquire with your local nodal office about the status. Make sure you use the right 17-digit number provided when submitting the application.
Benefits of Investing in NPS
NPS is a PFRDA-regulated and government-backed retirement planning system.
The following are the top advantages of investing in NPS:
- Tax advantages when investing and purchasing an annuity
- Flexibility in allocating finances according to requirements and tolerance
- A low-risk and reliable investment option for growing your corpus
- Portability allows you to maintain your investment even if you move or change jobs.
- Minimum investment criteria allow you to invest without breaking the bank.
- Compounding ability to create a sizable corpus upon retirement
- You may invest in your NPS account with ease now that you know how to apply for a PRAN card and other important information. Log in to the NSDL website using your PRAN and the password you created.
Navigate to the area for online contributions and confirm your NPS account and PRAN using your birth date and the OTP issued to your registered phone number. After that, enter the amount you wish to invest and pay using your favorite payment option.
Make careful you invest in accordance with your financial situation, retirement objectives, and risk tolerance. This manner, you may prevent unnecessary financial hardship and have a stress-free investment and retirement experience.