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16.2%First documentHow to Check Old Age Pension Status Online: State-Wise GuideOpen original ↗
Second documentWhat is PRAN in NPS? Full Form & Role in National Pension SystemOpen original ↗
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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)
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.
What is an Old Age Pension?
Apart from these government-run pensions, individuals can also opt for structured retirement savings schemes at the national level. One such option is the National Pension Scheme ( NPS ), which commenced on 1 January 2004 and is overseen by the Pension Fund Regulatory and Development Authority (PFRDA) under the central government. It is the preferred option for most Indians.
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.
Tax Benefits Available Under NPS (National Pension System)
Tax benefits for self-employed individuals: Tax deduction of up to 20% of their gross income under Section 124 (80 CCD (1), with an aggregate threshold of ₹1.50 lakh under Section 123 ( previously Section 80 CCE). 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(3) of the Income Tax Act, 2025 (previously Section 80CCD(1B) of the Income Tax Act, 1961): Additional special deduction up to ₹50,000