Attempt PFRDA August Circular 2026 Quiz & Download Free PDF

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Published on 23 September 2026 by

PFRDA Circulars are an important part of current affairs preparation for candidates appearing for the PFRDA Grade A Exam and other regulatory body examinations. The August 2026 PFRDA Circulars covered important updates related to same-day investment of NPS contributions, NPS e-shramik, classification of NPS schemes, operationalisation of the new scheme framework, and PoP charges. These updates are useful for understanding recent changes in NPS operations and pension-sector regulation.

Download PFRDA August Circular 2026 Practice Quiz PDF

The PFRDA August Circular 2026 Practice Quiz PDF covers important regulatory updates discussed in the August 2026 PFRDA Circular session.

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Attempt the PFRDA August Circular 2026 Practice Quiz

The PFRDA August Circular 2026 Practice Quiz helps candidates test their understanding of the latest PFRDA regulatory updates through exam-oriented MCQs. The quiz covers important factual and conceptual points from the August circulars and can be useful for quick revision for the PFRDA Grade A Exam.

PFRDA Circulars August Practice Quiz Score: 0.00

1. Under the NPS e-shramik incentive framework extended in August 2026, what is the financial year for which the framework was extended?

2. Under the NPS e-shramik incentive framework extended in August 2026, what was the last date covered by the extension?

3. In the August 2026 PFRDA enforcement matter involving Alankit Assignments Ltd. and others, on which date was the final order issued?

4. In the August 2026 PFRDA enforcement matter involving Alankit Assignments Ltd. and others, what is the entity named in the title of the enforcement matter?

5. Under the Development Research Group (DRG) Guidelines published by PFRDA in August 2026, on which date was it published?

6. Which DRG research theme examines behavioural barriers to retirement planning and the use of nudges?

7. Which DRG research theme directly focuses on reforms in the pension sector?

8. Which DRG research theme covers fintech and innovation in internal pension-sector processes?

9. Under the Development Research Group (DRG) Guidelines published by PFRDA in August 2026, what is the document expected with a research proposal?

10. Under the revised August 2026 PoP charge structure for NPS and NPS Lite, what is the effective date of the revised charge framework?

11. Under the revised August 2026 PoP charge structure for NPS and NPS Lite, what is the one-time onboarding charge per PRAN?

12. Under the revised August 2026 PoP charge structure for NPS and NPS Lite, what is the reduced charge for fully digital/non-face-to-face onboarding where applicable?

13. Under the revised August 2026 PoP charge structure for NPS and NPS Lite, what is the annual PoP charge?

14. Under the revised August 2026 PoP charge structure for NPS and NPS Lite, what is the minimum initial contribution under the revised framework?

15. Under the revised August 2026 PoP charge structure for NPS and NPS Lite, what is the minimum subsequent contribution?

16. Under the revised August 2026 PoP charge structure for NPS and NPS Lite, what is the quarterly recovery amount used for the Rs 200 onboarding charge?

17. Under the revised August 2026 PoP charge structure for NPS and NPS Lite, what is the annual-charge treatment of a dormant account?

18. Under the revised August 2026 PoP charge structure for NPS and NPS Lite, what is the dormancy trigger described in the circular?

19. Under the August 2026 standardised framework for classification and presentation of NPS schemes, what is the number of broad scheme types in the standardised framework?

20. Under the August 2026 standardised framework for classification and presentation of NPS schemes, what is the scheme type based on age-linked automatic asset allocation?

21. Under the August 2026 standardised framework for classification and presentation of NPS schemes, what is the maximum equity under Active Choice for Tier I?

22. Under the August 2026 standardised framework for classification and presentation of NPS schemes, what is the maximum corporate-bond allocation under Active Choice?

23. Under the August 2026 standardised framework for classification and presentation of NPS schemes, what is the maximum Government Securities allocation under Active Choice?

24. Under the August 2026 standardised framework for classification and presentation of NPS schemes, what is the maximum equity permitted in NPS Sanchay?

25. Under the August 2026 standardised framework for classification and presentation of NPS schemes, what is the maximum corporate-bond allocation in NPS Sanchay?

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What are the PFRDA Circulars covered in August 2026?

The August 2026 PFRDA Circulars mainly focused on faster investment of NPS contributions, the NPS e-shramik model, standardisation of NPS schemes, implementation of the new scheme-classification framework, and charges applicable to Points of Presence.

DateCircularMain Update
4 August 2026Same-Day Investment of NPS ContributionsCut-off time increased from 11 AM to 1:30 PM
18 August 2026NPS e-shramik₹100 onboarding incentive extended for FY 2026-27
28 August 2026Standardised Framework for NPS SchemesNew common classification and naming framework
28 August 2026Operationalising the New FrameworkExisting schemes must be modified/reclassified as required
28 August 2026PoP Charge StructureNew PoP charges applicable from 1 October 2026

What changed in the same-day investment of NPS contributions?

The PFRDA August 2026 circular extended the cut-off time for same-day investment of NPS contributions. Earlier, contributions had to be received by the Trustee Bank by 11:00 AM to be considered for investment on the same day. The cut-off has now been extended to 1:30 PM on a Business Settlement Day, giving more time for eligible NPS contributions received during the day to be considered for same-day investment.

What does this mean?

Suppose an NPS contribution reaches the Trustee Bank at 12:30 PM on a Business Settlement Day. Under the earlier 11 AM cut-off, it would not qualify for the same-day investment process. Under the revised rule, since it reached the Trustee Bank before 1:30 PM, it can be considered for investment on the same day, provided the contribution is subsequently matched and successfully booked. The units will be allotted based on the applicable closing NAV of that day.

Which contribution channels are covered?

The revised cut-off applies to NPS contributions received through different channels, including:

  • Government Nodal Offices
  • Points of Presence (PoPs)
  • eNPS
  • D-Remit
  • BBPS
  • UPI
  • StAR NPS
  • Tatkal NPS
  • Other channels operationalised by PFRDA
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What is the NPS e-shramik update?

The NPS e-shramik model was introduced to bring gig workers and other platform service partners into the NPS ecosystem through digital platforms and aggregators. For example, people providing services through digital platforms can be covered as Platform Service Partners under this model. PFRDA’s original framework also provides for the involvement of Platform Aggregators and PoPs in onboarding such workers. The August 2026 circular did not introduce a completely new e-shramik model. Instead, it extended the existing ₹100 onboarding incentive for another financial year.

What is the ₹100 incentive?

Under the earlier framework, PFRDA provided an incentive of up to ₹100 for each new account onboarded under the NPS e-shramik Platform Service Partner Model. This incentive was earlier applicable to Platform Service Partners registered up to 31 March 2026. PFRDA has now extended the benefit to FY 2026-27, meaning the benefit is valid for enrolments made up to 31 March 2027.

Why is this incentive given?

The incentive is meant to encourage PoPs to:

  • build systems for onboarding,
  • create awareness about NPS,
  • educate Platform Service Partners, and
  • expand pension coverage through the digital platform ecosystem.

What remains unchanged?

PFRDA clearly stated that the other conditions of the original October 2025 circular remain unchanged.

What is the new framework for classification of NPS schemes?

This is one of the most important August 2026 updates because PFRDA has introduced a standardised way of classifying and presenting NPS investment schemes.

The basic idea is simple:

Earlier, subscribers could see different schemes offered by different Pension Funds. PFRDA wanted the schemes to be presented in a more uniform and comparable manner so that subscribers can understand what type of scheme they are selecting.

The framework therefore standardises:

  • classification of schemes,
  • scheme names,
  • presentation of schemes,
  • selection process,
  • disclosures, and
  • comparison of schemes.
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What are the main types of NPS schemes under the new framework?

The circular broadly classifies NPS investment schemes into five categories:

SchemeKey Details
Lifecycle-Based Schemes• Asset allocation changes automatically with the subscriber’s age.
• Equity exposure follows a predetermined age-linked path.
• Variants: Life Cycle Aggressive, Life Cycle 75 – High, Life Cycle 50 – Moderate, Life Cycle 25 – Low.
• Equity allocation can be higher at a younger age and gradually reduce as the subscriber ages.
• Simple understanding: Allocation changes automatically with age.
Active Choice• The subscriber decides the allocation among available asset classes, subject to PFRDA limits.
• E: Equity and related instruments
• C: Corporate Bonds
• G: Government Securities
• Maximum allocation: Equity – 75%*, Corporate Bonds – 100%, Government Securities – 100%.
• *The circular provides for 100% equity under Tier II.
• Simple understanding: Subscriber decides the asset allocation.
NPS Sanchay• Composite scheme for the informal sector.
• Investment pattern is aligned with the pattern applicable to the Government Sector under NPS.
• Maximum permissible allocation:
Equity – 25%, Corporate Bonds – 45%,
Government Securities – 65%,
Short-term Debt Instruments – 10%,
Asset-backed, Trust Structured and
Miscellaneous Investments – 5%.
• Simple understanding: Composite scheme for the informal sector.
Multiple Scheme Framework (MSF)• Includes investment schemes launched by Pension Funds with PFRDA approval.• Schemes are classified based on their equity exposure.
• A – Aggressive Growth: 80%–100% equity; Very High Risk
• B – High Growth: 60%–80% equity; High Risk
• C – Balanced Growth: 35%–60% equity; Medium Risk
• D – Conservative: 10%–35% equity
• E – Debt: 0%–10% equity
• A = highest equity exposure; E = lowest equity exposure.
• A Pension Fund can voluntarily offer up to two schemes under each category under each Tier.
4A Schemes• Curated or thematic schemes introduced under Regulation 4A of the Exit Regulations.
• Examples: NPS Vatsalya, NPS Swasthya and NPS MSME.
• Asset allocation and other conditions are governed by the respective guidelines or circulars.
• Simple understanding: Curated/thematic NPS schemes for specific needs or segments.

How will an NPS subscriber select a scheme?

Under the new NPS scheme framework, PFRDA has set a standard process for subscribers to select a scheme. The subscriber will first choose the type of scheme, then the scheme category or asset allocation, and finally the Pension Fund. Key details such as returns, charges, risk and AUM will also be shown to help subscribers compare schemes.

ParticularDetails
Scheme selection order• First: Type of Scheme
• Second: Category of Scheme / Asset Allocation
• Third: Pension Fund
Details shown to subscribers• Scheme Name
• Pension Fund Name
• Date of Launch
• Historical Returns
• Benchmark and comparative benchmark returns
• Applicable Charges
• Riskometer
• AUM
Purpose• Helps subscribers compare different NPS schemes before making a selection.
• Provides important information about the scheme, risk and performance.

Can an NPS subscriber change their scheme or Pension Fund?

Yes, the new PFRDA framework allows subscribers to change their Investment Scheme, Pension Fund, or both, subject to the prescribed conditions. A subscriber can make up to two such requests per Account in a financial year.

ParticularDetails
Change limit• Maximum 2 requests per Account in a financial year for changing the Pension Fund, Investment Scheme, or both.
Multiple MSF schemes• A subscriber can hold multiple MSF schemes at the same time.
Lifecycle / Active Choice• Under the same PRAN, only one Lifecycle-based Scheme or Active Choice can be held at a time.
Vesting period• Changing a scheme does not reset the original vesting period of the account.
Merging schemes• When one scheme is merged into another, the merged investment follows the rules of the target scheme.
• This includes applicable conditions related to vesting, charges and withdrawals.
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What is the operationalisation of the new NPS scheme framework?

The 28 August 2026 PFRDA circular explains how Pension Funds will implement the new NPS scheme framework for existing schemes. While the earlier circular established the classification framework, this circular provides the operational requirements, including scheme reclassification, naming and restructuring.

ParticularDetails
Schemes crossing categories• If an existing MSF scheme falls under more than one equity category, the Pension Fund must modify, restructure or reclassify it into one prescribed category.
• Revised details must be submitted to PFRDA within 30 days.
Scheme names• Existing MSF schemes must be renamed as per the new naming convention within 30 days.
More than two schemes in one category• A Pension Fund can offer up to 2 schemes under each category under each Tier.
• If more than 2 schemes already exist in a category, they must be merged, subsumed or suitably restructured within 45 days.
• Subscribers must be informed about the required changes.
New MSF scheme• Requires prior approval from PFRDA.
• Must follow NPS investment norms.
• Must be available to eligible subscribers under Tier I and Tier II, subject to applicable rules.
• Must display a Risk-o-meter.
• Must have an NPS Scheme Essentials Document.
• Must be benchmarked against relevant market indices.
Winding up of an MSF scheme• Subscribers will be given an option to move to another scheme.
• If no choice is made, the subscriber will be moved to the Life Cycle 50 – Moderate (10E/55Y) Scheme of the same Pension Fund under Tier I.
Important change• The distinction between Common Schemes and MSF Schemes is discontinued.
• NPS schemes will now follow the new standardised classification framework.
Easy way to remember• Circular 1: Creates the classification framework.
• Circular 2: Implements the framework.

What is the new PoP charge structure under NPS?

PFRDA has revised the charge structure for Points of Presence (PoPs) under NPS and NPS Lite. The revised charges will apply from 1 October 2026 and standardise the charges for onboarding and maintaining NPS accounts.

ParticularDetails
What is a PoP?• A Point of Presence (PoP) is an NPS intermediary that provides services such as subscriber onboarding and other NPS-related activities.
One-time onboarding charge• ₹200 per PRAN.
• The equivalent of ₹50 per quarter will be deducted through cancellation of units by the CRA and paid to the PoP in the month following the relevant quarter.
Annual charge• 0.20% per annum of AUM.
• Adjusted through NAV and payable to the PoP quarterly.
• GST and other applicable taxes are additional.
Digital onboarding• For fully digital and non-face-to-face onboarding, a reduced one-time charge of ₹100 may apply, as determined by PFRDA.
Dormant account• No annual PoP charge applies to a dormant account.
• For this circular, an account is considered dormant when there is no contribution for four consecutive quarters after a contribution in a quarter.
Applicability• Charges are standardised across all NPS schemes and NPS Lite.
Effective date• 1 October 2026.

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FAQs

1. What is NPS e-shramik?

It is a Platform Service Partner Model under NPS for which the incentive framework was extended for FY 2026-27.

2. What was the new cut-off time for same-day investment of NPS contributions?

The cut-off time was extended from 11:00 AM to 1:30 PM.

3. What incentive was extended under the NPS e-shramik model for FY 2026-27?

An onboarding incentive of up to ₹100 per new account was extended for FY 2026-27.

4. What is the purpose of the new NPS scheme classification framework?

It aims to standardise the classification, naming and presentation of NPS schemes for easier understanding and comparison.

5. How many scheme-change requests can an NPS subscriber make in a financial year?

A subscriber can make a maximum of two requests per account in a financial year for changing the Pension Fund, Investment Scheme, or both.