NPS Vatsalya Account Opening: Parents can now establish long-term financial security plans for their children, including provisions for their retirement years, with the NPS Vatsalya. Earlier this year, the Modi 3.0 government introduced NPS Vatsalya, a pension programme for minors. The NPS Vatsalya, a version of NPS, is a financial savings solution tailored for children.
The National Pension System (NPS), also referred to as the National Pension Scheme, has gained significant recognition as an investment and retirement solution. Financial specialists highlight that NPS incorporates essential features of a retirement savings product, offering extended investment opportunities with reduced expenses and conservative risk levels.
NPS functions as a market-connected voluntary contribution programme that helps people build their retirement savings. Financial experts consider this scheme as a valuable investment tool for building retirement wealth. The Central Government established NPS with the objective of ensuring pension-based income support for individuals during their retirement years.
With NPS Vatsalya, you can start the process of retirement planning for your children right at an early age.
Also Read | Sukanya Samriddhi Yojana: How to get over Rs 70 lakh corpus from SSY account – check calculator, tax benefits & more details – top facts
How to register for NPS Vatsalya Online:
To register for the NPS Vatsalya scheme online, it is essential to understand the necessary documentation requirements.
The NPS Vatsalya Scheme, under the PFRDA, offers a pension programme specifically created for children below 18 years. This scheme enables investments across fixed-income instruments and market-based options to secure the child’s future financially.
- Visit the enps.nsdl.com website and select the dedicated ‘NPS Vatsalya’ section from the homepage to initiate the registration process.
- Submit essential details including the child’s full name, birth date, along with the guardian’s information such as complete name, contact information and familial connection to the minor.
NPS Vatsalya Document Submission
The following documents must be submitted:
* Child’s birth certificate as proof of age.
* Guardian’s identity proof, such as Aadhaar or PAN card.
NPS Vatsalya Initial Investment
A minimum deposit of Rs 1,000 is required to activate the NPS Vatsalya account. The scheme allows unlimited maximum contributions to accommodate various financial planning needs.
After verification and successful submission of the online application, the child receives a unique Permanent Retirement Account Number (PRAN).
Also Read | PAN 2.0: How to easily apply for PAN Card reprint with QR code – check 6 simple steps online
NPS Vatsalya Important Information
* NPS Vatsalya account opening and investment management services are available through points of presence (PoP), including major banks, India Post offices, and pension fund offices.
* Upon reaching 18 years, the account automatically transitions to a regular NPS account, allowing direct control by the account holder.
With inputs from Centre for Investment Education and Learning content which appeared in Economic Times
