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21.5%First documentWhat is PRAN in NPS? Full Form & Role in National Pension SystemOpen original ↗
Second documentHow to Check Old Age Pension Status Online: State-Wise GuideOpen original ↗
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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
FAQs
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
PRAN and Tax Benefits Under NPS
Section 124(3) of the Income Tax Act, 2025 (previously Section 80CCD(1B) of the Income Tax Act, 1961): Additional special deduction up to ₹50,000
Tax Benefits Available Under NPS (National Pension System)
Tax deduction up to ₹50,000 under Section 123 (previously called Section 80 CCD (1B)), in addition to the ₹1.5 lakh under Section 80 CCE.
PRAN and Tax Benefits Under NPS
Section 124(1) of the Income Tax Act, 2025 (previously Section 80CCD(2) of the Income Tax Act, 1961): Employer contribution up to 10% of basic + DA
Tax Benefits Available Under NPS (National Pension System)
Tax benefits on employer contributions: Allowed as a deduction under Section 124 (previously Section 80 CCD(2)) up to 10% of salary (Basic + DA) (14% if the Central Government makes such a contribution) over the ₹1.5 lakh cap stipulated under Section 123 (previously Section 80 CCE).
How to Apply for a PRAN?
Procuring a PRAN is an official but easy process. You can apply online through the eNPS portal or offline through registered Point of Presence (PoP) service providers such as banks and financial institutions.
Step-By-Step Steps For NPS Application/Enrolment:
To apply for the NPS scheme, you can: Visit the official eNPS portal Select “Open NPS Account” Register yourself and log in Complete KYC using Aadhaar or through your bank (PoP)
Why Do You Need a PRAN for NPS?
The NPS is a pension scheme under the PFRDA (Pension Fund Regulatory and Development Authority). To function in a systematic, transparent, and traceable way, PRAN serves as the central digital identity for all NPS investors.
Glossary
National Pension System (NPS): A voluntary, government-regulated retirement savings scheme for Indian citizens PFRDA (Pension Fund Regulatory and Development Authority): The regulatory body overseeing NPS and pension fund operations in India