Subscribers to the national pension scheme (NPS) can now apply for an e-PRAN card at lower rates. Pension fund regulator PFRDA has given subscribers the right to choose between physical and e-PRAN cards for all purposes with both being considered equal. “Until now, NPS subscribers have been issued a physical PRAN (Permanent Retirement Account Number) card along with the welcome pack. In order to give them the option of minimizing costs, i.e. account opening fees payable to Central Record Keeping Agencies (CRA), it has now been agreed that a customer may either opt for a physical PRAN card or an e-PRAN (PRAN received via email) with the choice of obtaining a welcome kit either physically or via email, “said PFRDA in a circular. People opting for an e-PRAN card will have lower charges than the ones opting for physical PRAN card.
One can choose between two agencies namely NCRA (NSDL – CRA), and KCRA (Karvy – CRA). For availing physical PRAN under NCRA the PRA opening charge is ₹40, and under KCRA the charge is ₹39.36. For availing e-PRAN card under KCRA the PRA opening charge is just ₹4, and for NCRA the charge is ₹18 for the same service. Under both the agencies the people opting for an e-PRAN card will get their welcome kit through their email. People who already are part of the pension scheme also have the option of choosing the agency of their choice.
It is stated by the Pension Fund Regulatory and Development Authority (PFRDA) that both physical and e-PRAN are to be considered for identification, servicing, exit from the pension scheme, or any other processing related to NPS. If you have selected e-PRAN when opening a new NPS account but at some point of time want to get a physical PRAN card, you can avail it by paying extra. PFRDA has recently launched paperless acceptance of new NPS subscribers via e-signature and OTP (One Time Password) based system.
OTP received on their registered mobile number and e-mail can be used for paperless NPS account opening to open NPS accounts through non-internet banking digital mode via POPs (banks as well as non-bank POPs). PFRDA administers over 3.60 crore subscribers with an aggregate asset under management (AUM) of more than ₹4.55 lakh crore under the National Pension System.
