NPS Alert! Option to receive e-PRAN introduced – This is how much you can save now

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Published: June 30, 2020 6:20 PM

Both physical PRAN card, as well as e-PRAN, will be considered at par when presented for identification, servicing, exit or any other NPS related processing.

 National Pension System, NPS, account opening charges, pran card, e-pran, welcome kit, subscribers, pfrdaNPS subscribers are currently provided with a physical PRAN card along with the welcome kit.

NPS Account Opening Charges: The National Pension System (NPS) is a cost-effective investment to save for one’s retirement. In order to keep the costs lower for the NPS subscribers, the PFRDA has introduced an option to receive e-PRAN along with the welcome kit online at the time of opening the NPS account.

NPS subscribers are provided with a physical PRAN – Permanent Retirement Account Number – Card along with the welcome kit. But, if you want e-PRAN on your email, now PFRDA will give you that option which will help you in saving money. The option to get PRAN as a physical copy or as a digital copy is now with the NPS subscribers.

Both physical PRAN card, as well as e-PRAN, will be considered at par when presented for identification, servicing, exit or any other NPS related processing. Further, if a subscriber chooses e-PRAN while onboarding but wishes to have a physical PRAN card later, it will be possible to do so.

NPS account opening charges

At the time of opening the NPS account, these are the CRA charges:

Option I: If the subscriber opts for ePRAN card:

NCRA

  • Welcome kit sent in physical: Rs 35
  • Welcome kit sent through email only: Rs 18

KCRA

  • Welcome kit sent in physical: Rs 39.60
  • Welcome kit sent through email only: Rs 4

Option II: If the subscriber opts for Physical PRAN card:

NCRA : Rs 40

KCRA : Rs 39.60

The NPS account is based on unique Permanent Retirement Account Number (PRAN) which is allotted to each Subscriber upon joining. Upon successful enrolment, a PRAN is allotted to the subscriber under NPS. Once the PRAN is generated, an email alert as well as a SMS alert is sent to the registered email ID and mobile number of the subscriber by NSDL-CRA (Central Record Keeping Agency).

As a subscriber one needs to contribute periodically and regularly towards NPS during the working life to create the corpus for retirement. On retirement or exit from the scheme, the Corpus is made available to the Subscriber with the mandate that some portion of the Corpus must be invested into Annuity to provide a monthly pension post-retirement or exit from the scheme.

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