PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NO:
PFRDA/2016/17/CORP/03 dated 26.07.2016
Subject:
Introduction of service charges to
associated POPs on transactions made through e-NPS.
e-NPS
platform has been introduced to provide subscribers the facility to open NPS
account online and make contributions thereto. Further, the NPS subscribers pertaining to any sector can
make subsequent contributions through e-NPS platform.
With
a view to incentivize the POPs t
actively promote & distribute NPS, it was suggested that PFRDA may consider
allowing some service charges to the POPs as is the case of other financial
products, particularly for transactions where first time on boarding of the
subscriber in the NPS has been through the intervention of POPs. Accordingly,
it has been decided to introduce, in addition to the payment gateway charges, service charges on
contributions through e-NPS to the associated POP of the subscriber on the date
of making contribution. The service charges would be applicable only to the
subscribers who are associated with any of the POP and also to the platform.
However these service charges shall not be applicable on the subscribers who
have opened account through Aadhar mode on eNPS platform.
The
service charge to be recovered by the subscribers would be 0.05% of the
contribution amount ad valorem, subject to minimum of Rs.5/- and maximum of
Rs.5000/- per transaction. The service charges would be rounded to the nearest
rupee and service tax and cess thereupon on the service charges would be on
actual basis.
The
service charge collected through eNPS platform would be paid to the concerned
associated POP on a quarterly basis after reconciliation of the account by CRA
and Trustee bank. The NPS trust will
authorise the payment of these collected service charges to the POPs and the
authorization made by the NPS trust would be final and binding on POPs.
Yours
faithfully,
(Akhilesh
Kumar)
Deputy
General Manager
