What does PRAN mean in UNCLASSIFIED
A Permanent Retirement Account Number (PRAN) is a unique and permanent 12-digit identity number for National Pension System (NPS) account holders. It is issued to all NPS subscribers when they open their NPS account and remains valid throughout the lifetime of the subscriber. PRAN acts as an umbrella for all transactions related to the NPS account, such as opening Tier I or Tier II accounts, making contributions, keeping track of investments and more. All these activities can be done without having to remember separate account numbers every time you wish to transact.
PRAN meaning in Unclassified in Miscellaneous
PRAN mostly used in an acronym Unclassified in Category Miscellaneous that means Permanent Retirement Account Number
Shorthand: PRAN,
Full Form: Permanent Retirement Account Number
For more information of "Permanent Retirement Account Number", see the section below.
What Is A PRAN?
A PRAN is a random 12-digit number issued by the Government of India's Pension Fund Regulatory and Development Authority (PFRDA). It is given to each individual who enrolls in the National Pension Scheme (NPS). The PRAN serves as a permanent identifier for your NPS account and links it with other government-backed social security schemes.
Features of a PRAN Card
The PRAN card has several features which make it very important for an NPS subscriber. It contains information on the total balance maintained by an individual, as well as details about his/her contribution patterns and investment history. Moreover, the card also includes personal details such as name, date of birth, pan card number etc., thus enabling quick access to all information related to one’s NPS account in one place. Additionally, a PIN or secret code can be set up on your card which needs to be entered before any financial transaction can be made using it. This helps keep your account secure from fraudulent activity or misuse by third parties.
Benefits Of A PRAN Card
The main benefit of having a PRAN card is that its unique and permanent nature eliminates any chances of duplication or confusion when accessing your NPS account or funds associated with it. Moreover, it helps ensure smooth transactions since all relevant information regarding an individual’s investments are stored in one single location - his/her PRAN card - rather than scattered across multiple places with varying levels of security protocol applied to them. The convenience made possible due to this feature makes managing one’s finances much easier than before while also providing greater flexibility in terms of managing different aspects related to pension savings plans such as tax deferral benefits offered under various governments schemes like Sukanya Samriddhi Yojana etc.
Essential Questions and Answers on Permanent Retirement Account Number in "MISCELLANEOUS»UNFILED"
What is a PRAN?
A Permanent Retirement Account Number (PRAN) is a unique identifier provided to all subscribers of the National Pension System (NPS) by the Central Recordkeeping Agency (CRA). This number is used to track and manage an individual's NPS investments and withdrawals throughout their lifetime.
Who issues a PRAN?
The Central Recordkeeping Agency (CRA) issues PRANs to NPS subscribers.
How do I get my PRAN?
To obtain your PRAN, you will need to register as an NPS subscriber with the CRA. You can do this online or via post/telephone.
Is it compulsory for me to have a PRAN?
Yes, if you wish to make contributions towards your NPS account, then having your own PRAN is mandatory.
How secure is my PRAN?
Your PRAN is completely secure - it acts as an identification number which only you are entitled to use. It cannot be linked or associated with any other accounts or services, ensuring that only you have access to your funds.
How long does it take for my application for a PRAN to be processed?
The processing time for obtaining your PRAN depends on how you choose to apply - online applications are typically completed within one working day while paper applications may take up 10-15 days from submission until completion.
Final Words:
A Permanent Retirement Account Number (PRAN) provides significant advantages over traditional methods of tracking investments and transactions associated with pension savings plans like National Pension Scheme (NPS). Not only does it provide greater security by featuring PIN protection but also enables easier access due to its permanent nature across multiple schemes while eliminating chances of duplicity or fraud in the process. In short, having a valid PRAN card ensures safe and convenient management of pension funds while providing ample opportunities for long term saving and investment planning.