There’s big news for subscribers of the National Pension System (NPS), Unified Pension Scheme (UPS), Atal Pension Yojana (APY), and NPS-Lite. The Pension Fund Regulatory and Development Authority (PFRDA) has revised the fees charged by Central Recordkeeping Agencies (CRAs). This new fee structure will be effective from October 1, 2025, and will replace the existing fee structure issued in June 2020.
Fees for Government Sector (NPS and UPS)
For government employees, opening a new PRAN will now cost ₹18 for an e-PRAN kit and ₹40 for a physical PRAN card. The annual maintenance charge will be ₹100 per account. However, no fees will be charged for accounts with zero balances. There will be no additional fees for transactions.
Atal Pension Yojana (APY) and NPS-Lite
Customers in this category will have to pay Rs 15 to open a PRAN and Rs 15 for annual maintenance. Transaction fees will also be zero.
Fees for Private Sector (NPS and NPS Vatsalya)
The private sector, like the government sector, will be charged a fee of ₹18 for an e-PRAN kit and ₹40 for a physical PRAN card to open a PRAN. There will be no transaction fee.
Annual Maintenance Charge (AMC)
AMCs are divided into slabs based on the investment amount of the clients.
– No charges on zero balance accounts.
– Rs 100 on corpus of Rs 1 to Rs 2 lakh,
₹150 for amounts from ₹2,00,001 to ₹10 lakh
₹300 for amounts from ₹10,00,001 to ₹25 lakh
₹400 for amounts from ₹25,00,001 to ₹50 lakh
– A fee of Rs 500 will be charged on corpus exceeding Rs 50 lakh.
Important Guidelines
The PFRDA clarified that this new fee structure is a ceiling. Central recordkeeping agencies (CRAs) cannot charge more than this. However, they can negotiate with companies, customers, and points of presence (PoPs) to reduce the fees.
– AMC for private sector subscribers will be slab based and will be applicable only on Tier-I corpus.
– For government sector UPS customers, this charge will only apply during the accumulation phase. Separate charges may be issued later for pension disbursements.
Additionally, if CRAs introduce new services in the future, their fees will be determined based on actual costs, subject to PFRDA approval. All CRAs must clearly display their charges on their websites and mobile apps.
– PFRDA said that this amendment has been issued under Section 14 of the PFRDA Act, 2013 and also marks the completion of the five-year price discovery cycle prescribed under the CRA regulations.
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