NPS Vatsalya Scheme launched: Steps to invest online, eligibility

September 18, 2024 MTIMES 19 Views Breaking News, Is NPS better than PPF?, mtimes news, NPS, NPS Vatsalya online, NPS Vatsalya Scheme, NPS Vatsalya Scheme launched, Vatsalya nps scheme withdrawal 3 min read

NPS Vatsalya Scheme launched: The NPS Vatsalya Scheme, launched on Tuesday by Finance Minister Nirmala Sitharaman, enables parents to invest in a pension account and prepare for their children’s future.

Parents may visit a bank or post office, or they can sign up for NPS Vatsalya online. To start a Vatsalya account, you must deposit ₹ 1,000 as a minimum. After that, subscribers will need to make an annual contribution of ₹ 1,000.

Under the management of the Pension Fund Regulatory and Development Authority (PFRDA), families can start investing early for their children’s future and benefit from compound interest over time.

Accessible to families from a range of economic backgrounds, NPS Vatsalya allows parents or guardians to start a pension account for youngsters and contribute as little as Rs 1,000 annually.

Together with investment options, this flexibility in contributions aids in the child’s long-term financial development. The goal is to give the youngster financial stability as they get older by using the pension account, which will eventually save a substantial amount of money.

How to open NPS Vatsalya scheme online steps

You can open an NPS Vatsalya account online or offline. Visits to chosen Points of Presence (POPs), such as pension funds, India Post offices, and large banks, are permitted for parents and guardians.

Also, e-NPS offers an online option, which makes the procedure more user-friendly.

The NPS Vatsalya Scheme for minors is being launched today, according to an SMS that was recently issued to NPS investors by CAMS, a significant NPS service provider. You can open an account under the scheme for the safe future of your child. This PFRDA-regulated program offers a variety of investment options and NPS advantages starting at a young age.

Documents Required NPS for Vatsalya NPS

In order to start an NPS Vatsalya account, the complementary documents is required,
Proof of identity and address for the parents like as PAN, Aadhaar, Voter ID etc.
Date of birth certificate for the minor.

Eligibility for NPS Vatsalya

Every minor citizen (those under the age of 18).

A minor’s parent or legal guardian may open an account in their name and manage it. The person who will benefit is Minor.
A variety of PFRDA-regulated points of presence, including major banks, India Post, pension funds, and online platforms, are available to open schemes (e-NPS).
The minimal annual donation for a subscriber is Rs 1000. The maximum contribution is not capped. PFRDA subscribers will have a variety of investing options.

Depending on their tolerance for risk and expected returns, subscribers can allocate varying amounts of their portfolio to government securities, corporate debt, and equities.