The correct answer is: A. Permanent Retirement Account Number
PRAN stands for Permanent Retirement Account Number. It is a 12-digit number that is assigned to each individual who contributes to the National Pension System (NPS). The PRAN is unique to each individual and is used to track their contributions to the NPS.
The NPS is a voluntary pension scheme that was launched by the Government of India in 2004. The scheme is open to all citizens of India, including salaried employees, self-employed persons, and professionals. The NPS offers a number of benefits, including tax deduction under Section 80CCD of the Income Tax Act, 1961, and the option to withdraw the accumulated corpus at the time of retirement or at any time after the age of 50 years.
The PRAN is an important document for NPS subscribers. It is used to identify the subscriber and to track their contributions to the NPS. The PRAN is also required to withdraw the accumulated corpus from the NPS.
If you are an NPS subscriber, it is important to keep your PRAN safe and secure. You should not share your PRAN with anyone else. If you lose your PRAN, you can apply for a duplicate PRAN from the NPS website.
Here is a brief explanation of each option:
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A. Permanent Retirement Account Number
The PRAN is a 12-digit number that is assigned to each individual who contributes to the National Pension System (NPS). The PRAN is unique to each individual and is used to track their contributions to the NPS. -
B. Pension Retirement Account Number
The PRAN is not a pension retirement account number. The PRAN is a 12-digit number that is assigned to each individual who contributes to the National Pension System (NPS). The PRAN is unique to each individual and is used to track their contributions to the NPS. -
C. Permanent Referral Account Number
The PRAN is not a permanent referral account number. The PRAN is a 12-digit number that is assigned to each individual who contributes to the National Pension System (NPS). The PRAN is unique to each individual and is used to track their contributions to the NPS. -
D. None of the Above
The correct answer is A. PRAN stands for Permanent Retirement Account Number.