Summary: The Pension Fund Regulatory and Development Authority (PFRDA), through Circular No. PFRDA/2026/46/REG-POP/08 dated 28 August 2026, has revised the charge structure applicable to Points of Presence (PoPs) for all Schemes under the National Pension System (NPS) and NPS Lite. The Circular is addressed to all PoPs, Central Record Keeping Agencies (CRAs) and other stakeholders and takes effect from 1 October 2026.
The Circular refers to Regulation 16 of the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018, which provides that charges collected by a PoP from subscribers are subject to the limits and manner of collection permitted by the Authority. It also refers to PFRDA’s Circular No. PFRDA/2026/47/REG-PF/10 dated 28 August 2026 concerning the standardised framework for classification and presentation of NPS Schemes, which removed the distinction between Common Schemes and schemes introduced under the Multiple Scheme Framework (MSF).
Under the revised structure applicable from 1 October 2026, the one-time onboarding charge is ₹200 per PRAN. The equivalent of ₹50 per quarter is to be deducted through cancellation of units by the CRA(s) and paid to the PoP in the month subsequent to the quarter in which onboarding is completed. Where onboarding is undertaken through a fully digital and non-face-to-face mode between the PoP and subscriber, a reduced one-time onboarding charge of ₹100 may be applicable, as determined by the Authority at the time of PoP registration and thereafter.
The annual charge is 0.20% per annum of Assets Under Management (AUM), adjusted through NAV and payable to the PoP on a quarterly basis for all schemes other than Dormant Accounts. GST and other applicable taxes are additional. A Dormant Account is defined as an account identified by a unique PAN across all CRAs where, after a contribution in a quarter, there is no contribution for four consecutive quarters as identified at the end of each quarter.
The Circular prescribes minimum contributions of ₹250 at the time of onboarding and ₹10 for subsequent contributions for NPS subscribers. Subscribers onboarded through e-NPS and making subsequent contributions through e-NPS or D-Remit are not liable to pay PoP charges. However, subscribers onboarded through a PoP and subsequently contributing through e-NPS or D-Remit remain liable to pay the prescribed PoP charges.
All PoPs are required to publicly display their updated charge structure on their respective websites and immediately bring it to the attention of stakeholders. The charge information must also be clearly presented to subscribers during the transaction process through pop-up notification in the digital onboarding journey. Charges applicable to “4A Schemes” remain governed by their respective guidelines or circulars.
The revised structure supersedes Circular No. PFRDA/2026/16/REG-POP/01 dated 10 March 2026 with effect from 1 October 2026. The CRAs are required to implement the revised charge structure for deduction of charges from Q3 of FY 2026-27 onwards. The Circular has been issued under sub-section (1) of Section 14 read with clause (e) of sub-section (2) of the Pension Fund Regulatory and Development Authority Act, 2013.
Pension Fund Regulatory and Development Authority
Circular No.: PFRDA/2026/46/REG-POP/08 Date: 28.08.2026
To
All Point of Presence (PoPs), All Central Record Keeping Agencies (CRAs) and other Stakeholders
Subject: Charge structure applicable to PoPs for All Schemes under NPS and NPS Lite
Regulation 16 of Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 (hereinafter referred to as “POP Regulations”) states that “the charges that may be collected by the point of presence from the subscriber shall be subject to the limit, mode and manner of collection, as permitted by the Authority”.
2. Further, reference is drawn to, PFRDA circular dated 28.08.2026 on “Standardised framework for classification and presentation of Schemes under the National Pension System (NPS)”, which removes the distinction between Common Schemes and schemes introduced under the MSF.
3. In accordance with the PoP Regulations, the applicable charges for PoPs for All Schemes under NPS and NPS Lite are hereby revised as under:
| Charge structure applicable from 01.10.2026 for All Schemes under NPS and NPS Lite | |
| Particulars | Charges |
| One Time Onboarding charge |
Rs. *200/- per PRAN (equivalent of Rs. 50/- on quarterly basis will be deducted through cancellation of units by CRA(s) and payable to PoP in the month subsequent to the quarter in which on-boarding is completed). |
| Annual charges | 0.20% p.a. of the AUM to be adjusted through NAV and payable to PoP on quarterly basis, for all schemes other than Dormant accounts. |
| Notes:
i. GST or other taxes as applicable, shall be additional. ii. Dormant Account will not be charged. Dormant account is defined as such account(s) identified by a unique PAN across all CRAs, where subsequent to a contribution in a quarter, there is no contribution for four consecutive quarters as identified at the end of each quarter. iii. *Where subscriber onboarding is undertaken through a fully digital and non-face-to-face mode, between the PoP and the subscriber, a reduced one-time onboarding charge of Rs. 100/- may be applicable, as may be determined by the Authority at the time of registration of PoP and thereafter. |
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4. Minimum Contribution: There shall be a minimum contribution of Rs. 250/- at the time of onboarding and Rs. 10/- at the time of making subsequent contributions for subscribers under NPS.
5. Further, it may be noted that subscribers onboarded through e-NPS and making subsequent contributions through e- NPS or D-Remit shall not be liable to pay any PoP charges. It may also be noted that subscribers onboarded through a POP and making subsequent contributions through e-NPS or D-Remit, shall be liable to pay PoP charges as prescribed above.
6. All PoPs are mandated to publicly display their updated charge structure on their respective websites and bring this attention to their stakeholders on immediate basis. This information must also be clearly presented to subscribers during the transaction process through pop-up notification, in their digital on- boarding journey.
7. Charge structure for PoPs under “4A Schemes”, as specified in PFRDA circular “Standardised framework for classification and presentation of Schemes under the National Pension System (NPS)” dated 08.2026, shall be governed by their respective guidelines/circulars.
8. This circular shall supersede the circular no. PFRDA/2026/16/REG-POP/01 dated 10.03.2026 with subject matter “Charge structure of Point of Presence (PoP) for Common Schemes under NPS (All Citizen) including NPS Vatsalya and NPS Lite” e.f., 01.10.2026.
9. This charge structure shall be implemented by the Central Recordkeeping Agencies for the deduction of charges starting from Q3 of FY 2026-27 onwards.
10. This Circular is issued in exercise of powers conferred under sub-section (1) of Section 14 read with clause (e) of sub-section (2) of Section 14 of Pension Fund Regulatory and Development Authority Act, 2013, to protect the interests of the subscribers to schemes of pension funds, promotion and development of the pension industry.
Yours Sincerely,
Ashish Kumar
Chief General Manager
Regulation Contribution Management Department (PoP)
