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New Pension Scheme

  1. The New Pension Scheme was introduced by the Government for the central government employees who have joined government service on or after 01.01.2004.
  2. An employee will contribute 10% of his salary (i.e. Band Pay + Grade Pay + Dearness Pay) and the government will contribute the equal amount to the subscription.
  3. The application from the Government Servants who have joined service on or after 01.01.2004 are received through Drawing and Disbursing Officer (DDO) for verification and onward transmission to NSDL, Mumbai who is the nodal agency appointed by government for maintenance of subscribers data and for allotment of Permanent Retirement Account Number (PRAN).
  4. Each government servant can have one PRAN only. In case of technical resignation, old PRAN should be continued after changing the DDO, Pay & Accounts Office (PAO) and Principal Accounts Office of the PRAN.
  5. A PRAN Kit is issued to every subscriber which is handed over by DDO to the subscriber.
  6. The contribution is uploaded on NSDL’s site every month and the funds accumulated are being transferred to the Trustee Bank by the end of every month by the pay section.
  7. There is no provision for withdrawal of accumulation by the subscriber on resignation or leaving the service.
  8. The funds cannot be transferred from one PRAN to another in any case.