From NPS Charges to Real-Time Cheques: Key Updates from October 2025

The Pension Fund Regulatory and Development Authority (PFRDA) has issued updated guidelines on the price discovery process for charges levied by Central Recordkeeping Agencies (CRAs) under the National Pension System (NPS) and other pension schemes. The revised charge structure will come into effect from October 1, 2025, aiming to bring transparency, standardization, and flexibility in the fees charged for account opening, maintenance, and transactions across government, APY, and private sector NPS accounts. 

Key Highlights:

1. Regulatory Basis:

The guidelines are based on Regulation 22 of the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015, which mandates that service charges by CRAs be determined through a price discovery process initiated by the PFRDA.

2. Revised Charge Structures:

• Government Sector (NPS & UPS):
  • PRAN Opening Charge: e-PRAN Kit ₹18; Physical PRAN Card ₹40
  • Annual Maintenance Charge: ₹100 per account (₹0 for accounts with nil balance)
  • Transaction Charge: ₹0
• APY & NPS-Lite:
  • PRAN Opening Charge: ₹15
  • Annual Maintenance Charge: ₹15
  • Transaction Charge: ₹0
• Private Sector (NPS & NPS Vatsalya):
  • PRAN Opening Charge: e-PRAN Kit ₹18; Physical PRAN Card ₹40
  • Transaction Charge: ₹0
  • Account Maintenance Charge (AMC): Varies based on corpus slab, ranging from ₹100 to ₹500

3. Charge Flexibility:

• CRAs may reduce charges or negotiate lower rates with employers/subscribers/Points of Presence (PoPs), provided the reduced charges do not fall below the upper cap of the immediately preceding slab.
• For new services introduced by CRAs, actual charges may be recovered without markup, subject to PFRDA approval.

4. Implementation and Transparency:

• The revised charge structure will be effective from October 1, 2025.
• CRAs are required to display the charge structure on their official websites or mobile applications.

5. Supersession of Previous Guidelines:

This circular supersedes the previous circular PFRDA/2020/22/REG-CRA/3 dated June 15, 2020.

India Post Announces Enhanced Speed Post Services and Revised Tariff Effective October 1, 2025

The Department of Posts has introduced significant upgrades to its Inland Speed Post (Document) services, effective from October 1, 2025. These enhancements aim to bolster reliability, security, and customer convenience, ensuring that Speed Post remains a trusted and efficient mail delivery option across India. Source: PIB

Key Enhancements:

• OTP-Based Secure Delivery: Ensures that items are handed over only upon successful OTP confirmation, enhancing security.
• Online Payment Facility: Allows customers to pay for services conveniently through digital platforms.
• SMS-Based Delivery Notifications: Keeps customers informed about the status of their shipments in real-time.
• Convenient Online Booking Services: Facilitates easy scheduling of pickups and drop-offs.
• Real-Time Delivery Updates: Provides up-to-date information on the location and status of items.
• Registration Facility: Offers an addressee-specific secured delivery option, ensuring that items are delivered exclusively to the intended recipient or an authorized person.

Revised Tariff Structure (Effective October 1, 2025):

*Note: GST is applicable as per prevailing rates.

Value-Added Services:

• Registration: ₹5 per item (document/parcel), plus applicable GST.
• One-Time Password (OTP) Delivery: ₹5 per item (document/parcel), plus applicable GST.

Special Discounts:

• Students: A 10% discount on Speed Post tariffs to enhance accessibility for educational purposes.
• New Bulk Customers: A 5% discount to encourage bulk usage of Speed Post services.

Aadhaar Authentication Now Mandatory for Online General Reserved Ticket Bookings via IRCTC

Effective October 1, 2025, the Indian Railways has mandated Aadhaar-based authentication for booking general reserved tickets online through the IRCTC website or mobile app during the first 15 minutes of the opening of general reservation. This measure aims to ensure that the reservation system benefits genuine passengers and curbs misuse by unauthorized entities.

Key Points:

• Aadhaar Authentication: Only users authenticated via Aadhaar will be able to book general reserved tickets online during the first 15 minutes of the reservation opening.
• No Change at PRS Counters: The booking process at computerized Passenger Reservation System (PRS) counters remains unchanged.
• No Change in Agent Restrictions: The existing 10-minute restriction preventing authorized ticketing agents from booking opening day reserved tickets remains in effect.

This initiative is part of Indian Railways’ ongoing efforts to enhance the efficiency and fairness of the reservation system.

India’s Cheque System Goes Real-Time from October 2025

The Reserve Bank of India (RBI) is set to overhaul India’s cheque clearing system, transitioning from batch processing to a continuous, real-time settlement model. This significant change aims to expedite cheque clearances and enhance the efficiency of the banking system.

Implementation Timeline:

• Phase 1: Begins on October 4, 2025.
• Phase 2: Commences on January 3, 2026.

Key Features:

• Continuous Clearing: Cheques will be processed throughout the day during a single presentation session from 10:00 AM to 4:00 PM.
• Real-Time Confirmation: Drawee banks are required to confirm cheques within the same day during a confirmation session from 10:00 AM to 7:00 PM.
• Settlement on Realisation: Settlement will occur hourly, starting at 11:00 AM, based on positive confirmations and deemed-approved cheques.
• Deemed Approval: Cheques not confirmed by the end of the confirmation session will be automatically approved and included in settlement.

This transformation aligns with the Payment and Settlement Systems Act, 2007, and is expected to significantly reduce the time it takes for cheques to clear, benefiting both banks and customers.