NPS Vatsalya Yojana
Union Finance Minister Nirmala Sitharaman has launched NPS Vatsalya Yojana in Budget 2024-25. This scheme will be implemented by the Pension Fund Regulatory and Development Authority. This scheme will be implemented all over India. This scheme has been started to save money for education, health and other basic facilities for small children.
Under this scheme, this scheme can be started by the guardian of a child below the age of 18 years. This scheme can be started with only ₹ 1000 per year. The minimum amount to invest in this scheme is 1000 per year and there is no maximum limit. The beneficiary of this scheme will be the minor only. In the absence of the minor or in case of any accident, his guardian will be the beneficiary of the scheme.
What will be the eligibility
For this scheme, the age of all minors is below 18 years. Children from all over the country will be eligible
NPS Vatsalya Yojana account can be opened with Pension Fund Regulatory and Development Authority or can also be opened online.
Documents required for opening an account Minor’s date of birth certificate
Guardian’s KYC identity card and address proof
Contribution and fund selection by permanent address of the guardian
Objective of NPS Vatsalya Yojana
The main objective of this scheme is how to inculcate the habit of saving in children and how to meet their future expenses. At present, this amount is very small. Starting from ₹ 1000, any person can open an account. After turning 18, i.e. after three years of opening the account, up to 25% of the amount can be withdrawn for free.After completing 18 years, 80% of the amount can be invested for the future.