**Executive Summary**
This circular, issued by the Pension Fund Regulatory and Development Authority (PFRDA) on January 23, 2026, expands the guidelines for reinvesting returned and pending transaction amounts into subscribers’ Permanent Retirement Account Numbers (PRANs). It follows up on Circular No. PFRDA/2023/07/SUP-TB/01 dated February 07, 2023, and aims to ensure subscribers benefit from market-linked returns. If the required documents or clarifications are not received within 30 days, the CRA will reinvest the returned amount into the subscriber's PRAN.
**Key Points / Main Content**
* **Eligibility for Reinvestment:**
* Returned transactions due to subscriber or nominee's bank account issues (e.g., closed account, invalid IFSC).
* Annuity cancellation proceeds returned by the Annuity Service Provider (ASP) due to Free Look Period Cancellation (FLC).
* Annuity cancellation proceeds from Non-NPS cases (OPS or Family Pension).
* Amounts held by CRA for quality monitoring or pending clarification.
* Amounts withheld by CRA due to ongoing legal matters or disputes related to withdrawal requests.
* Returned transactions pertaining to Tier II, partial, and death withdrawals.
* **Reinvestment Process:**
* The CRA will reinvest the returned amount into the subscriber's PRAN after 30 days from when the funds are credited to the NPS Trust withdrawal account.
* This applies if required documentation or clarifications are not received from the subscriber, nodal office, or ASP within that timeframe.
* **Communication and Information:**
* During the 30-day period, the CRA will contact subscribers and nodal offices via SMS, email, etc., to request the submission of requisite documents for remitting funds to the correct bank account.
* The CRA will notify the subscriber or nodal office about the proposed reinvestment if no response or documents are received within the 30-day window.
* Communications will also provide detailed instructions for reclaiming the reinvested amount.
* **Market Risk Disclaimer:**
* Any future claims concerning the reinvested amount will be subject to market fluctuations.
**Impact Analysis**
**Stakeholder: Subscribers**
* **Impact**: Benefit from market-linked returns on previously returned transaction amounts and pending transactions.
* **Action Required**: Provide necessary documentation or clarifications within 30 days of notification from CRA to ensure funds are correctly deposited into their bank accounts or to reclaim the reinvested amount.
**Stakeholder: Nodal Offices**
* **Impact**: Assist subscribers in providing necessary documentation or clarifications.
* **Action Required**: Facilitate communication and document submission from subscribers to CRA within the stipulated timeframe.
**Stakeholder: Annuity Service Providers (ASPs)**
* **Impact**: Required to return annuity cancellation proceeds.
* **Action Required**: Follow guidelines for handling and returning annuity cancellation proceeds.
**Stakeholder: Central Record Keeping Agency (CRA)**
* **Impact**: Required to reinvest returned amounts and communicate with subscribers and nodal offices.
* **Action Required**: Implement the reinvestment process, contact subscribers/nodal offices for documentation, notify subscribers of reinvestment, and provide instructions for reclaiming reinvested amounts.
Key Entities Referenced
Pension Fund Regulatory and Development Authority Act, 2013: The act that empowers PFRDA to issue the circular regarding reinvestment of returned transaction amounts into the respective PRANs.
Permanent Retirement Account Number (PRAN): The individual retirement account number in the NPS, into which returned amounts are being reinvested per the guidelines.
Central Record Keeping Agency (CRA): The agency responsible for reinvesting the returned funds into the subscriber's PRAN.
National Pension System (NPS): A pension scheme regulated by PFRDA, where the guidelines for reinvestment apply.
Pension Fund Regulatory and Development Authority (PFRDA): The regulatory body issuing the circular on reinvestment of returned transaction amounts in NPS and APY.
परिपत्र
परिपत्र संख्या: पीएफआिडीए/2026/06/एसयुपी-टीबी/01 दिन ांक : 23 जनविी, 2026
प्रति : सभी एनपीएस / एपीव ई दििध िक
ववषय : सांबांधधि स्थायी सवे ानिवत्तृि खाता संख्या (पीआरएएि) में लौटी औि त्तवलांबबि लेनिेन ि शि के
पुनतनवि ेि पि ववस्ि रिि दिि तनिेि
अभिदाताओं को लौटाए गए लने -देन पर बाजार से जुड़े प्रतिफल का लाभ प्रदान करने के ललए प्राधिकरण ने
पररपत्र संख्या पीएफआरडीए/2023/07/एसयूपी-टीबी/01 ददनाकं 07 फरवरी 2023 जारी ककया था। । इस पररपत्र के
माध्यम से लौटाई गई रालि को उसी स्थायी सेवानिवत्तृि खाता संख्या में पुनतनवि ेि की अनुमति दी गई , जो तनवेि
ववकल्प और निकासी के समय लागू पेंिन फंड आवंटन पर आिाररि है। इस िीनत को यह सुतनश्चिि करने के ललए
लागू ककया गया था कक अभिदाताओं को बाजार स े जुडे ररटन ि का लाभ लमल सके।
2. प्रारंभ में, केवल वे एनपीएस / एपीवाई फंड जो गलि बकैं खािे के वववरण के कारण अभिदाता के बकैं खािे
में जमा नहीं ककए जा सकिे थे, अभिदाता के स्थायी सेवानिवत्तृि खाता संख्या में पुनतनवि िे के ललए पात्र थे। हालांकक,
ऐसे अन्य उदाहरण हैं, जहां एनपीएस प्रणाली में तनकास / प्रत्याहरण को अधिकृत करि े के बाद लेनदेन लंबबि रहिे
हैं और जो एनपीएस / एपीवाई अभिदाताओं को बाजार ररटन ि का लाभ प्राप्ि करने से रोकिे हैं।
3. अभिदाता के लाभों को और अधिक बढाने के ललए, और वपछले पररपत्र के क्रम में, यह तनणयि ललया गया
है कक तनम्नललखखि लेनदेन भी केंद्रीय अभिलेखपाल एजेंसी (सीआरए) द्वारा अभिदाता के स्थायी सेवानिवत्तृि खाता
संख्या में पुनतनवि ेि के ललए पात्र होंगे :
क. लौटाए गए या असफल लेनदेन जो ववलिष्ट कारणों से अभिदाता या नामांककि व्यश्ति के बकैं खाि े में जमा
होने में ववफल रहे हैं (उदाहरण के ललए, खािा बंद करना, अमान्य आईएफएससी, बंद / तनश्ष्िय श्थथति
आदद)।
ख. वात्तषकि ी रद्दीकरण की रालि जो अलभदािा द्वारा प्रयोग ककए गए फ्री लुक पीररयड कैंलसलेिन (एफएलसी)
के कारण एएसपी द्वारा लौटाई गई है।
ग. गैर-एनपीएस मामलों (ओपीएस या पाररवाररक पेंिन) के कारण वावषकि ी रद्दीकरण राभि I
घ. गुणवत्ता तनगरानी या थपष्टीकरण लंबबि होने के कारण सीआरए द्वारा रोकी गई रालि ।
ड. त्तवधिक मामलों या तनकासी अनुरोिों से संबंधिि वववादों के कारण सीआरए द्वारा रोकी गई रालि।
च. दटयर II तनकासी, आंलिक तनकासी और मत्ृ य ु तनकासी मामलों स े संबंधिि लौटाए गए लेनदेन।
4. सीआरए एनपीएस ट्रथट तनकासी खािे में िन जमा होने की नतधथ से एक महीने (30 ददन) की अवधि के
बाद लौटाई गई रालि को अभिदाता के स्थायी सेवानिवत्तृि खाता संख्या में पुनतनवि ेि करेगा, ऐसे मामलों में जहां
अभिदाता, नोडल कायािलय या एएसपी स े आवचयक दथिावेज या थपष्टीकरण प्राप्ि नहीं होिे हैं।
ई – 500, टावर – ई, पाचवाां तल, वर्ल्ड टरेड सेंटर, नौरोजी नगर, नई दिल्ली – 110 029
िूरभाष: 91 – 11 – 40717900, वेबसाइट :www.pfrda.org.in
E – 500, Tower – E, Fifth Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 91 – 11 – 40717900, Website :www.pfrda.org.in5. इस 30 दिन की अवधध के िौि न, सीआरए एसएमएस, ईमेल और संिार के अन्य माध्यमों से अभिदाताओं
और नोडल कायािलयों के साथ सही बकैं खािे में िनरालि भेजने के ललए आवश्यक िस्ि वेज जम किने की अपेक्षा
के बारे में संपकि करेगा । सीआरए 30 ददन की अवधि के भीिर कोई प्रतिकिया या दथिावेज प्राप्ि नहीं होने पर
स्थायी सेवानिवत्तृि खाता संख्या में िन के प्रथिाववि पुनतनवि ेि के बारे में अभिदाता या नोडल कायािलय को भी सूधिि
करेगा। इसके अतिररति, संपकि के दौराि सीआरए पुनतनवि ेलिि रालि को पुनः प्राप्ि करने की प्रकिया पर ववथििृ
तनदेि प्रदान करेगा।
कृपया ध्यान दें कक पुनतनवि ेलिि रालि स े संबंधिि भववष्य का कोई भी दावा बाजार में उिार-िढाव के
अध्यिीन होगा।
6. यह पररपत्र, पेंिन तनधि त्तवतनयामक और ववकास प्राधिकरण अधितनयम, 2013 की िारा 14 की उप-िारा
(1) के साथ पदिि िारा 14 की उप-िारा (2) के खंड (ड.) के िहि प्रदत्त िश्तियों का प्रयोग करि े हुए जारी ककया
गया है।
िवदीय,
आिीष कुमार भारिी
मुख्य महाप्रबंिकCIRCULAR
PFRDA/2026/06/SUP-TB/01 Date: January 23, 2026
To: All NPS/APY Stakeholders
Subject: Expanded guidelines on reinvestment of returned & pending transaction amounts
into the respective PRANs
In order to offer subscribers, the benefit of market-linked returns on returned transactions,
the Authority had issued Circular No. PFRDA/2023/07/SUP-TB/01 dated 07th February 2023.
This circular allowed the reinvestment of returned amounts into the same PRAN, based on the
investment choice and pension fund allocation prevailing at the time of exit. This policy was
implemented to ensure subscribers benefit from market-linked returns.
2. Initially, only those NPS/APY funds which could not be credited to the subscriber's bank
account due to incorrect bank account details were eligible for reinvestment into the subscriber’s
PRAN. However, there are other scenarios where transactions remain pending in the NPS system
following the authorization of exit/withdrawal and which prevents the NPS/APY subscribers from
receiving the benefits of market returns.
3. To further enhance subscriber benefits, and in continuation of the previous circular, it has
now been decided that the following transactions will also be eligible for reinvestment into the
subscriber’s PRAN by the Central Record Keeping Agency (CRA):
a. Returned or unsuccessful transactions which have failed to be credited to the subscriber's or
nominee’s bank account due to specific reasons (e.g., account closed, invalid IFSC,
frozen/dormant status etc).
b. Annuity cancellation proceeds returned by ASP due to Free Look Period Cancellation (FLC)
exercised by the subscriber.
c. Annuity cancellation proceeds due to Non-NPS cases (OPS or Family pension).
d. Amount kept on hold by CRA due to quality monitoring or pending clarification.
e. Amount withheld by CRA due to ongoing legal matters or disputes related to withdrawal
requests.
f. Returned transactions pertaining to Tier II withdrawal, Partial withdrawal and Death
withdrawal cases.
4. The CRA will reinvest the returned amount into the subscriber’s PRAN after a period of
one month (30 days) from the date the funds are credited to the NPS Trust withdrawal account, in
cases where required documentation or clarifications are not received from the subscriber, nodal
office or ASP.
ई – 500, टावर – ई, पाचवाां तल, वर्ल्ड टरेड सेंटर, नौरोजी नगर, नई दिल्ली – 110 029
िूरभाष: 91 – 11 – 40717900, वेबसाइट :www.pfrda.org.in
E – 500, Tower – E, Fifth Floor, World Trade Center, Nauroji Nagar, New Delhi – 110029
Phone: 91 – 11 – 40717900, Website :www.pfrda.org.in5. During this 30-day period, the CRA shall communicate with subscribers and nodal offices
through SMS, email, and other modes of communications about the requirement for submission
of requisite documents to remit funds to the correct bank account. CRA will also
notify the subscriber or nodal office regarding the proposed reinvestment of the funds into the
PRAN if no response or documents are received within the 30-day window. Additionally, in the
communication the CRA will provide detailed instructions on the process for reclaiming the
reinvested amount.
Please note that any future claims concerning the reinvested amount will be subject to
market fluctuations.
6. 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 Bharati
Chief General Manager