We know the permanent retirement account number by the name of Pran (PRAN). It has 12 unique characters just like a PAN card. This account number remains valid for ages and it can be accessed from anywhere in India. Open it now so that the life of old age can pass freely.
Life is like a war and there are plenty of ups and downs in it, when age turns down, earning starts to decrease and diseases strengthen their grip then money is needed in life. At such a time, if you have saved some part of the money earned during the days of youth, it is very useful. And the best way to save and increase that money is to open a permanent retirement account.
We know the permanent retirement account number by the name of Pran (PRAN). It has 12 unique characters just like a PAN card. This account number remains valid for ages and it can be accessed from anywhere in India. Under this, you can reflect the savings made in the NPS in your account. You can manage two types of personal accounts under PRAN.
Tier-1 account
You cannot withdraw money from this pension account whenever you want. You can deposit your retirement savings in this account. Anyone between the ages of 18 and 60 years can open this account. You can also get income tax exemption by using this account. Let us know that this facility was given to the common people from 1 May 2019. To open an account, you have to fill the form. KYC will have to be done after this. After this process your account will be opened.
Tier-2 account
You can withdraw money from this account whenever you want. However, you will not be exempted from income tax. This savings account that you can open anytime. If you already have a Tier-1 account, then you can easily open a Tier-2 account. If you are from the corporate sector and want to take advantage of the NPS scheme, you have to fill the CS-S1 form and submit it in your company. Explain that during registration at least 500 rupees should be deposited in your Tier-1 account and Rs 1000 in Tier-2 account.
These documents are necessary for PRAN
-When applying for PRAN, you have to give your required documents to the Administrative Officer.
– Your bank account details –
Photo copy of identity cards (eg PAN card and Aadhaar card) –
Your passport size photo –
Tell us about the scheme you are choosing
