PFRDA's revised NPS and NPS Lite point-of-presence charges apply from 1 October 2026
A PFRDA circular dated 28 August 2026 sets one charge structure for points of presence across all NPS and NPS Lite schemes from 1 October 2026: a one-time onboarding charge of Rs 200 per PRAN and an annual 0.20% of assets under management, with exclusions.
The Pension Fund Regulatory and Development Authority (PFRDA) has issued a single charge structure for points of presence (PoPs) covering all schemes under the National Pension System (NPS) and NPS Lite. The structure applies from 1 October 2026, according to PFRDA circular PFRDA/2026/46/REG-POP/08 dated 28 August 2026.
A point of presence is an intermediary, such as a bank, through which a subscriber can open and contribute to an NPS account. The circular sets what these intermediaries may collect from subscribers.
What the circular says
| Item | Detail in the circular |
|---|---|
| One-time onboarding charge | Rs 200 per PRAN (Permanent Retirement Account Number) |
| How the onboarding charge is collected | An amount equal to Rs 50 per quarter is deducted by the central recordkeeping agencies (CRAs) by cancelling units, and paid to the PoP in the month after the quarter in which onboarding is completed |
| Fully digital, non-face-to-face onboarding | A reduced one-time charge of Rs 100 may apply, as determined by PFRDA at the time of PoP registration and afterwards |
| Annual charge | 0.20% a year of assets under management (AUM), adjusted through the NAV and paid to the PoP quarterly, for all schemes other than dormant accounts |
| Taxes | GST or other applicable taxes are additional |
| Minimum contribution | Rs 250 at onboarding and Rs 10 for each later contribution |
Who is covered and who is not
- Dormant accounts. The circular says a dormant account will not be charged; the annual charge is stated for all schemes other than dormant accounts. The circular defines a dormant account as one, identified by a unique PAN across all CRAs, where no contribution has been made for four consecutive quarters after a quarter in which a contribution was made, identified at the end of each quarter.
- e-NPS subscribers. Subscribers who were onboarded through e-NPS and who make later contributions through e-NPS or D-Remit are not liable for any PoP charges. Subscribers onboarded through a PoP who later contribute through e-NPS or D-Remit are liable for the PoP charges set out above.
- “4A Schemes”. The circular says PoP charges for schemes classed as “4A Schemes” in a separate PFRDA circular of 28 August 2026 are governed by their own guidelines.
Other provisions
- The circular removes the earlier distinction between “Common Schemes” and schemes introduced under the Multiple Scheme Framework for the purpose of these charges, citing PFRDA’s separate circular of 28 August 2026 on standardised classification of NPS schemes.
- It supersedes circular PFRDA/2026/16/REG-POP/01 of 10 March 2026, with effect from 1 October 2026.
- Every PoP must display its updated charge structure on its website, and show it to subscribers during digital onboarding through a pop-up notification.
- The CRAs are to deduct charges on this basis from the third quarter (Q3) of financial year 2026-27.
- PFRDA issued the circular under Section 14(1) read with Section 14(2)(e) of the PFRDA Act, 2013. It refers to Regulation 16 of the PFRDA (Point of Presence) Regulations, 2018, under which charges collected by a PoP are subject to the limit, mode and manner PFRDA permits.
Basis of these figures
All charges, definitions, dates and provisions are from the text of PFRDA circular PFRDA/2026/46/REG-POP/08 of 28 August 2026, which is listed on PFRDA’s website; the full text was read from a copy hosted on StaffNews. The effective date was also reported by Outlook Money. Read the circular itself for the full text. This article reports the rule and does not say which pension arrangement or intermediary suits any subscriber.