The Pension Fund Regulatory and Development Authority (PFRDA) on January 31, 2025, updated the Master Circular - Service Charges that can be collected by POPs under NPS (All Citizen and Corporate)/ NPS Lite.
The following amendments have been stated:
• In Part I- Introduction, para 3 has been substituted as follows:
“3. The charges that can be collected for services rendered in respect of the NPS-Vatsalya account at any time shall be the same as the charges that be collected under NPS- All Citizen Model as stipulated by the Authority from time to time. (Please refer Circular PFRD/2024/16/PDES/01 dated 18th Sep. 2024 on subject NPS Vatsalya scheme details].”
• In Part IV -Specific Guidelines, para 9, 16 and 17 has been substituted as follows:
“9. The service charge structure outlined in PART III of this master circular shall be effective from 31.01.2025. The old charge structure applicable prior to 31.01.2025, may be referred from the circulars mentioned in Annexure I of Part V of this Master Circular.
16. All Points of Presence (POPs) are required to provide their service charge structure for 'e-NPS (for subsequent contributions)' and 'trail commission for D-Remit Contributions' to the Central Record Keeping Agencies to deduct applicable charges through upfront deduction from subscriber`s contribution and unit deduction from subscribers corpus on periodical basis respectively.
17. All Points of Presence (PoPs) are mandated to publicly display their updated charge structure on their respective websites. This information must also be clearly presented to subscribers during the transaction process through pop-up notification.”
This master circular consolidates the existing instructions on the subject of “Service Charges for POPs under NPS (All Citizen and Corporate/NPS-Lite)”. The list of underlying circulars on the subject is furnished in the Part - V.
[Circular No. PFRDA/Master Circular/2024/05/PoP- 03]
