**Executive Summary**
This circular, issued by the Pension Fund Regulatory and Development Authority (PFRDA) on December 31st, 2025, outlines revisions to the charge structure for Points of Presence (PoPs) under the National Pension System (NPS) for Common Schemes, including NPS Vatsalya and NPS Lite. The revised charges are effective from January 1st, 2026. PoPs must provide information on their choice of charges to CRAs by January 15th, 2026.
**Key Points / Main Content**
* **Revised Charge Structure:**
* Applies to NPS Common Schemes (All Citizen and Corporate Model) including NPS Vatsalya and NPS Lite.
* Effective from January 1st, 2026.
* **First Year Subscriber Onboarding Charges:**
* 0.2% p.a. of AUM (minimum of Rs. 30) for NPS (All Citizen and Corporate Model) and 0.1% p.a. for CPSE employees (minimum of Rs. 15), pro-rata on a quarterly basis.
* OR Rs. 200 per new account (monthly basis, collected in the month subsequent to onboarding).
* **Second Year Onwards Charges:**
* 0.2% p.a. of AUM (minimum of Rs. 30) for NPS (All Citizen and Corporate Model) and 0.1% p.a. for CPSE employees (minimum of Rs. 15), pro-rata on a quarterly basis, in accounts other than dormant accounts.
* **General Notes on Charges:**
* Deduction method is through cancellation of units by Central Recordkeeping Agencies (CRAs).
* GST or other taxes are additional.
* "p.a." refers to four consecutive quarters, not necessarily a financial or calendar year.
* Charges are levied at 0.05% of AUM on the last day of the quarter for NPS (All Citizen and Corporate Model) and 0.025% for CPSE employees.
* PoPs with employee NPS subscribers can choose to recover charges per internal policy and must inform CRAs.
* Dormant accounts (no contribution for four consecutive quarters) are not charged.
* **Minimum Contribution and Subscriber Contributions**
* No minimum contribution is required for onboarding or subsequent contributions to NPS (All Citizen and Corporate Model) and NPS-Lite.
* If PoPs choose the Rs. 200 charge, a minimum contribution of Rs. 250 is required from the subscriber at onboarding.
* Subscribers onboarding through e-NPS or D-Remit are not liable for PoP charges.
* **Information to CRAs:**
* PoPs must provide information to CRAs through compliance officers by January 15th, 2026, regarding:
* Choice of charges for the first year of subscriber onboarding.
* Choice on recovery of charges from their own employees.
* Information of existing CPSES.
* **Display of Updated Charges:**
* PoPs must publicly display updated charges on their websites.
* The charge structure must be presented to subscribers during the transaction process.
* **Supersession of Previous Circular:**
* This circular supersedes circular no. PFRDA/Master Circular/2024/05/PoP-03 dated January 31st, 2025.
**Impact Analysis**
**Points of Presence (PoPs)**
* **Impact:** Revenue model for onboarding and managing NPS subscribers is directly affected by the new charge structure.
* **Action Required:** Implement the revised charge structure effective January 1st, 2026. Inform CRAs of their choice of charges by January 15th, 2026. Update website and digital onboarding processes to reflect the new charges.
**Central Record Keeping Agencies (CRAs)**
* **Impact:** Responsible for implementing the revised deduction method and handling the charge structure variations chosen by PoPs.
* **Action Required:** Prepare systems to accommodate the revised charges and deduction methods. Coordinate with PoPs to receive required information by January 15th, 2026.
**NPS Subscribers**
* **Impact:** Potential changes in fees related to onboarding and maintaining NPS accounts, especially in the first year.
* **Action Required:** Be aware of the revised charge structure and how it may impact their NPS account fees.
**CPSE Employees**
* **Impact:** Benefit from the reduced charges for the CPSE employees
* **Action Required:** No action is required.
Key Entities Referenced
Pension Fund Regulatory and Development Authority (PFRDA): The regulatory body responsible for overseeing and regulating pension funds in India.
Points of Presence (PoP): Entities authorized to interface with subscribers of the National Pension System (NPS).
NPS (All Citizen and Corporate Model): National Pension System schemes that are open to all citizens and corporate employees.
NPS Vatsalya and NPS Lite: Specific schemes under the National Pension System with distinct features.
Pension Fund Regulatory and Development Authority Act, 2013: The Act establishing the Pension Fund Regulatory and Development Authority and providing the legal framework for pension regulation.
CIRCULAR
st
Circular No.: PFRDA/2025/24/REG-POP/05 Date: 31 December 2025
To
All Points of Presence, Central Record Keeping Agencies and other Stakeholders.
Subject: Charge structure of Points of Presence (PoP) for Common Schemes under NPS (All Citizen and
Corporate Model) including NPS Vatsalya 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. In accordance with the PoP regulations, the applicable charges for PoPs under NPS (All Citizen and
Corporate Model) including NPS Vatsalya and NPS Lite are hereby revised as under:
Charge structure applicable from 01.01.2026 for Common Schemes
Particulars The charges for NPS Common Schemes (All Citizen and Corporate
Model) including NPS Vatsalya and NPS Lite
First Year of 0.2% p.a. of the AUM (subject to minimum of Rs. 30/-) and 0.1% p.a. for CPSE
employees (subject to minimum of Rs.15/-) pro-rata on quarterly basis.
subscribers
or
onboarding
Rs. 200/- per new account (on monthly basis, to be collected in the month subsequent
to the month of on-boarding)
Second Year 0.2% p.a. of the AUM (subject to minimum of Rs.30/-) and 0.1% p.a. for CPSE
employees (subject to minimum of Rs.15/-) pro-rata on quarterly basis, in accounts
onwards
other than Dormant accounts. This shall be applicable to all existing accounts as well.
Notes:
i. Method of deduction shall be through cancellation of units by Central Recordkeeping Agencies.
ii. GST or other taxes as applicable, shall be additional.
iii. For the purpose and interpretation of this circular, the term “ p.a.” shall mean a period comprising of
four (04) consecutive quarters and shall not be construed to or to be aligned with, a financial year or
a calendar year.
iv. Accordingly, charges shall be levied at 0.05% of AUM on the last day of quarter
for Common Schemes of NPS (All Citizen and Corporate Model), including NPS Vatsalya, and 0.025%
of AUM on the last day of quarter for CPSE employees.
v. PoPs having their own employees as NPS subscriber may exercise their choice to
recover or not to recover PoP charges as per their internal approved policy and shall share such
information with CRAs.
vi. Dormant Account will not be charged. Dormant account is defined as such account where subsequent
to a contribution in a quarter, there is no contribution for four consecutive quarters as identified at the
end of each quarter.
Page 1 of 2
5th Floor, Tower E, World Trade Center, Nauroji Nagar, New Delhi – 110 029
Phone: 011 - 26517501, 26517503. website: www.pfrda.org.in3. There shall not be any minimum contribution at the time of onboarding or at the time of making
subsequent contributions for subscribers under NPS (All Citizen and Corporate Model) and NPS-Lite. However,
for those PoPs who exercise the choice for revised charges of Rs 200/- plus applicable taxes, for the first
year of onboarding under the above schemes, require a minimum contribution of Rs 250/- from the
subscriber, at the time of onboarding under Common Schemes of NPS (All Citizen and Corporate Model).
4. Further, the following may also be noted with respect to the subject matter:
a. Subscribers onboarded through e-NPS and making subsequent contributions through e- NPS or D-Remit
shall not be liable to pay any PoP charges, as these subscribers are not linked to any PoP. While,
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.
b. Furthermore, if a PoP opts to levy a charge of Rs. 200/- plus applicable taxes per new account during
the first year of onboarding, this amount shall be payable to the PoP in the subsequent month. For such
account no AUM-based charges shall be payable in the first year of onboarding.
c. PoPs need to provide the following information to respective CRAs through compliance officers latest
th
by 15 January, 2026 for the purpose of applicability of charges:
i. One-time choice on charges for the first year of subscriber onboarding
ii. Choice on recovery of charges from their own employees
iii. Information of existing CPSEs
5. In the event, if under unavoidable circumstances, during the initial months of issuance of this circular,
any PoP inadvertently collects charges directly from the subscribers as per earlier circular dated 31.01.2025,
such collected amounts shall be deposited by PoP in the PRAN of the concerned subscribers, immediately upon
identification of such incident.
6. All Points of Presence (PoPs) are mandated to publicly display their updated charge structure on their
respective websites and bring this attention to their staff 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. This circular herewith supersedes the circular on Service Charges that can be collected by POPs under
st
NPS and NPS-Lite vide circular no. PFRDA/Master Circular/2024/05/PoP- 03 dated 31 January 2025.
8. 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 the Pension Fund Regulatory and Development Authority Act,
2013.
Yours Sincerely,
Ashish Kumar
Chief General Manager
Regulation Contribution Management Department
Page 2 of 2
5th Floor, Tower E, World Trade Center, Nauroji Nagar, New Delhi – 110 029
Phone: 011 - 26517501, 26517503. website: www.pfrda.org.in