PFRDA defers revised NPS charges to December 1; PhonePe launches digital account opening facility
In a circular dated October 26, the pension regulator said the implementation date specified in its August 28 circular had been revised. It has directed Central Recordkeeping Agencies (CRAs) to implement the revised structure for the deduction of applicable charges from the new effective date.
- Oct 27, 2026,
- Updated Oct 27, 2026 11:39 AM IST
The Pension Fund Regulatory and Development Authority (PFRDA) has deferred the implementation of the revised charge structure applicable to Points of Presence (PoPs) under the National Pension System (NPS) and NPS Lite to December 1, from the earlier deadline of October 1.
In a circular dated October 26, the pension regulator said the implementation date specified in its August 28 circular had been revised. It has directed Central Recordkeeping Agencies (CRAs) to implement the revised structure for the deduction of applicable charges from the new effective date.
The latest circular modifies only the implementation timeline. All other provisions of the August 28 circular on the revised charge structure remain unchanged.
Points of Presence are intermediaries that provide NPS-related services to subscribers, including account opening and other pension-related transactions. Central Recordkeeping Agencies maintain subscriber records and facilitate the administration of NPS accounts.
The revised charges apply to PoPs across schemes under NPS and NPS Lite. PFRDA has not announced any further changes to the charge structure in its latest circular; the implementation has been postponed by two months.
Digital NPS account opening
Separately, PhonePe has launched a digital account-opening facility for the National Pension System, allowing users to open a pension account through its app with an initial contribution starting at ₹250.
Called Tatkal NPS, the facility uses existing bank KYC details and one-time password (OTP)-based authentication to complete onboarding without requiring fresh document uploads, the company said on October 27.
PhonePe has partnered with banks to offer the service and plans to expand its coverage to more banking institutions.
ALSO READ: India’s pension funds slowly open up to private markets as NPS gets AIF access: Report
To open an account, users can search for NPS on the PhonePe app, select the National Pension Scheme option and choose a linked bank account. After verifying the account through an OTP, they can make the initial contribution using PhonePe UPI. The process generates a Permanent Retirement Account Number (PRAN), which serves as the unique identifier for an NPS account.
The facility operates under the Tatkal NPS framework developed by PFRDA, which allows eligible subscribers to reuse existing bank KYC details for account opening.
NPS is a government-regulated, defined-contribution retirement savings scheme in which subscribers contribute towards building a retirement corpus. The eventual retirement benefits depend on contributions, investment performance and applicable withdrawal and annuity rules.
PhonePe said the initiative aims to make retirement savings more accessible to people without employer-linked pension benefits, including gig workers, freelancers and small business owners. However, opening an account and making an initial contribution are only the first steps; building a meaningful retirement corpus requires regular contributions over time.
DO READ: Axis Pension Fund launches NPS Swasthya Scheme; what investors get from health-linked pension plan
The Pension Fund Regulatory and Development Authority (PFRDA) has deferred the implementation of the revised charge structure applicable to Points of Presence (PoPs) under the National Pension System (NPS) and NPS Lite to December 1, from the earlier deadline of October 1.
In a circular dated October 26, the pension regulator said the implementation date specified in its August 28 circular had been revised. It has directed Central Recordkeeping Agencies (CRAs) to implement the revised structure for the deduction of applicable charges from the new effective date.
The latest circular modifies only the implementation timeline. All other provisions of the August 28 circular on the revised charge structure remain unchanged.
Points of Presence are intermediaries that provide NPS-related services to subscribers, including account opening and other pension-related transactions. Central Recordkeeping Agencies maintain subscriber records and facilitate the administration of NPS accounts.
The revised charges apply to PoPs across schemes under NPS and NPS Lite. PFRDA has not announced any further changes to the charge structure in its latest circular; the implementation has been postponed by two months.
Digital NPS account opening
Separately, PhonePe has launched a digital account-opening facility for the National Pension System, allowing users to open a pension account through its app with an initial contribution starting at ₹250.
Called Tatkal NPS, the facility uses existing bank KYC details and one-time password (OTP)-based authentication to complete onboarding without requiring fresh document uploads, the company said on October 27.
PhonePe has partnered with banks to offer the service and plans to expand its coverage to more banking institutions.
ALSO READ: India’s pension funds slowly open up to private markets as NPS gets AIF access: Report
To open an account, users can search for NPS on the PhonePe app, select the National Pension Scheme option and choose a linked bank account. After verifying the account through an OTP, they can make the initial contribution using PhonePe UPI. The process generates a Permanent Retirement Account Number (PRAN), which serves as the unique identifier for an NPS account.
The facility operates under the Tatkal NPS framework developed by PFRDA, which allows eligible subscribers to reuse existing bank KYC details for account opening.
NPS is a government-regulated, defined-contribution retirement savings scheme in which subscribers contribute towards building a retirement corpus. The eventual retirement benefits depend on contributions, investment performance and applicable withdrawal and annuity rules.
PhonePe said the initiative aims to make retirement savings more accessible to people without employer-linked pension benefits, including gig workers, freelancers and small business owners. However, opening an account and making an initial contribution are only the first steps; building a meaningful retirement corpus requires regular contributions over time.
DO READ: Axis Pension Fund launches NPS Swasthya Scheme; what investors get from health-linked pension plan