The Pension Fund Regulatory and Development Authority (PFRDA) has revealed the updated fees for opening a National Pension System (NPS) account through both online and offline methods. These fees pertain to the NPS (All Citizen and Corporate) as well as the NPS-Lite models.
“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,” states the PFRDA master circular released today.
Latest charges
NPS account initiation: The fees for the initial registration of subscribers may reach Rs 400. The initial contribution incurs a charge of up to 0.50% of the contribution amount, capped at Rs 25,000. Additionally, all future contributions will also attract fees.
Non-financial transactions: A fee of up to Rs 30 may be applied for non-financial transactions.
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e-NPS transactions: Charges up to 0.20% of the contribution will be levied, subject to a maximum of Rs 10,000. This will be collected upfront. (Only for NPS All Citizen and Tier – II Accounts).
Processing of Exit/Withdrawal: Upto 0.125% of corpus, subject to maximum Rs 500, which will be collected upfront.
The service charge structure shall be effective from 31.01.2025. The PoPs will continue to have the option to negotiate the charges with the subscribers, subject however to the maximum charge structure permitted by the Authority.
SERVICE CHARGES FOR THE POINT OF PRESENCE
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