Through Tier-1 account, you can withdraw money from pension account whenever you want. Also, you can deposit your retirement savings in this account. Anyone between the ages of 18 and 60 years can open this account.
New Delhi. If you want to spend your old age life comfortably, then a PRAN account can be a better option for you. We also know it by the name of Permanent Retirement Account Number (PRAN). It has 12 unique characters just like PAN card and this account number remains valid for the whole life. The biggest thing is that it can be accessed anywhere in India. Also, through this you can reflect the savings made in NPS in your account. There are two types of accounts in this. Tier-1 and Tier-2, so let us tell you here how you can manage two types of personal accounts of PRAN.
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Tier-1 account Through Tier-1 account, you can withdraw money from pension account whenever you want. Also, you can deposit your retirement savings in this account. Anyone between the ages of 18 and 60 years can open this account. You can also get income tax exemption by using this account. Any common person can open this account. However, during this time, he has to go through all the processes.
Tier-2 account You can withdraw money from Tier-2 account whenever you want, but through this account you will not be exempted from income tax. This savings account that you can open anytime. If you already have a Tier-1 account, then you can easily open a Tier-2 account. If you are from the corporate sector and want to take advantage of the NPS scheme, you have to fill the CS-S1 form and submit it in your company. However, during registration, at least 500 rupees have to be deposited in Tier-1 account and 1000 rupees in Tier-2 account.
These documents will be required –
When applying for PRAN, you will have to give your necessary documents to the concerned officer.
During this time, you will also have to provide details of the bank account.
An ID proof such as DL, Aadhaar card, company ID will have to be given.
Passport size color photo
address proof etc.