The Pension Fund Regulatory and Development Authority (PFRDA) has introduced a facility that may lend a hand cut back the price of opening National Pension System (NPS) accounts for subscribers. PFRDA has offered an extra possibility for subscribers to obtain e-PRAN in conjunction with the welcome equipment on-line. By opting to obtain Permanent Retirement Account Number (PRAN) by means of electronic mail, subscribers can save between Rs 22 and Rs 35.

According to a PFRDA press liberate issued on June 30, 2020, “In order to give them a choice to optimize the cost i.e. the account opening charges payable to Central Record keeping Agencies (CRAs), it has now been decided that a subscriber may , either opt for physical PRAN card or e-PRAN (PRAN received through e-mail) along with the option to receive welcome kit as well, either physically or through email.”

The PRAN is an distinctive 12-digit numerical code allocated to an NPS subscriber upon becoming a member of the scheme. Currently, underneath NPS, subscribers are given a bodily PRAN card in conjunction with the welcome equipment.

Charges for receiving bodily PRAN card vs PRAN card by means of electronic mail

Intermediary CRA fees for account opening if the subscriber opts for bodily PRAN card (in Rs)CRA fees for account opening if the subscriber opts for ePRAN card (in Rs). Welcome equipment despatched in bodilyCRA fees for account opening if the subscriber opts for ePRAN card (in Rs). Welcome equipment despatched by means of electronic mail best

Source: web site
Note: The aid in fees shall be at the present price construction and excludes appropriate taxes.
Charges shall be appropriate put up liberate of the functionalities by way of CRAs to seize the number of NPS subscribers to have bodily or ePRAN card.

Accordingly, each the bodily PRAN card in addition to e-PRAN shall be regarded as at par every time offered for id, servicing, go out or every other NPS comparable processing, PFRDA mentioned.

Further, if a subscriber chooses e-PRAN whilst on-boarding, however need to get a bodily PRAN card at a later degree, he/she will be able to request for a similar at appropriate fees, as in line with the discharge.

CRAs are being urged to increase gadget degree capability to seize more than a few possible choices of subscribers as regards to PRAN card.

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