Permanent Retirement Account under National Pension System (NPS)

NPS, regulated by PFRDA, is an important milestone in the development of a sustainable and efficient defined contribution pension system in India. The main objectives of NPS are:

To provide old age income
Safe and reasonable market based returns over the long term
Extending old age security coverage to all citizens
Important features of NPS to help save fore retirement

A unique Permanent Retirement Account Number (PRAN) is allotted to the subscriber. This being unique in nature, the subscriber will not be required to change the same or obtain a new one,even on shifting residence or job. Therefore, the same account and the unique PRAN can be used until the time subscriber is associated with NPS.

PRAN will provide access to two personal accounts

  1. Tier-I pension account: For contributing savings for retirement into this non-withdrawable account
  2. Tier-II savings account: This is an ad-on account, which is simply a voluntary savings facility. Subscriber is free to withdraw the savings from this account anytime.

Under NPS, how subscriber’s money is invested will depend upon his own choice. NPS offers the subscriber a number of fund managers and multiple investment options. In case subscriber does not want to exercise a choice, themoney will be invested as per the “Auto Choice” option, where money will get invested in various types of schemes as per the age of subscriber

Subscriber can open an NPS account with authorized branches of service providers called 'Points of Presence' (POPs), appointed by PFRDA. Subscribers have the option to shift from one branch to another branch of a POP at their convenience.The tax benefits under NPS will be as per the provisions of the Income Tax Act, 1961 as amended from time to time.

Grievance Redressal

NPS has a multi-layered Grievance Redressal Mechanism which is easily accessible, simple, quick, fair, responsive and effective. There is an option of registering grievance/complaint through the following alternatives.

Call Centre / Interactive Voice Response System (IVR)

Subscriber can contact the CRA call centre at toll free telephone number 1-800-222080 and register the grievance.

Web-based interface

Subscriber can register the grievance at the website with the use of the Ipin allotted to you at the time of opening a Permanent Retirement Account.

Physical Forms

Subscriber can submit the grievance in a prescribed format to the POP – SP who would forward it to CRA Central Grievance Management System (CGMS)

For more information and queries about the National pension System, please visit