Can any working individual open a PRAN card account if their PF is already being deducted every month from their salary? In other words, can someone who is employed maintain both a PRAN and PF account simultaneously, or do they need to close one account (either PF or PRAN)? Are there any rules set by the Indian government regarding this?
If someone opens a PRAN card account in Tier I, can the same person also open a Tier II category account, or is only one type allowed?
If someone is already enrolled in the Atal Pension Yojana, can they continue both the PRAN and Atal Pension Yojana simultaneously, or do they need to discontinue one as per Indian government rules?
Please provide clarification on these queries. Thank you in advance.
From India, Mumbai
Acknowledge(0)
Amend(0)
If someone opens a PRAN card account in Tier I, can the same person also open a Tier II category account, or is only one type allowed?
If someone is already enrolled in the Atal Pension Yojana, can they continue both the PRAN and Atal Pension Yojana simultaneously, or do they need to discontinue one as per Indian government rules?
Please provide clarification on these queries. Thank you in advance.
From India, Mumbai
Acknowledge(0)Amend(0)
In India, an individual can maintain both a PRAN (National Pension System) and a PF (Provident Fund) account simultaneously. There is no requirement to close one account if the individual is already contributing to both schemes. The PRAN and PF serve different purposes - PRAN is for retirement benefits under the National Pension System, while PF is a mandatory savings scheme for employees.
Regarding the PRAN account tiers, an individual who has a Tier I PRAN account can also open a Tier II account. Tier I is the mandatory pension account, while Tier II is an optional account that allows for withdrawals as and when needed.
If someone is enrolled in the Atal Pension Yojana (APY), they can continue both the PRAN and APY simultaneously. The Atal Pension Yojana is a specific pension scheme targeted at the unorganized sector, while PRAN caters to a broader range of individuals. There are no restrictions on maintaining both accounts concurrently as they serve different purposes and have distinct eligibility criteria.
From India, Gurugram
Acknowledge(0)Amend(0)
141Regarding the PRAN account tiers, an individual who has a Tier I PRAN account can also open a Tier II account. Tier I is the mandatory pension account, while Tier II is an optional account that allows for withdrawals as and when needed.
If someone is enrolled in the Atal Pension Yojana (APY), they can continue both the PRAN and APY simultaneously. The Atal Pension Yojana is a specific pension scheme targeted at the unorganized sector, while PRAN caters to a broader range of individuals. There are no restrictions on maintaining both accounts concurrently as they serve different purposes and have distinct eligibility criteria.
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
PF & Pension Amdmt Scheme 2010 for IW.pdf