NPS Vatsalya: Government launches new scheme, under which parents will be able to deposit money for children
Yesterday, the Modi government presented its first full budget after the 2024 Lok Sabha elections. Notable announcements include the National Pension Scheme for Minors (NPS Vatsalya). Finance Minister Nirmala Sitharaman informed that the scheme allows parents to contribute to their children's future pension. When the child turns 18, NPS Vatsalya will convert into a standard NPS account. This initiative enables parents and guardians to secure their child's financial future through pension contributions.
What is NPS Vatsalya?
NPS Vatsalya is a new scheme created for minors, which enables parents and guardians to contribute. When the child turns 18, the scheme will convert into a standard NPS account. The National Pension System (NPS), launched by the central government, aims to provide pension income to individuals, ensuring that they meet their retirement needs. The Pension Fund Regulatory and Development Authority (PFRDA) regulates and administers the NPS under the PFRDA Act of 2013.
Who is eligible for NPS?
Any Indian citizen, whether resident, non-resident, or foreign national, who fulfills the specified criteria can open an NPS account.
Check out the step-by-step process to open an NPS account online here.
Visit the official eNPS website (https://enps.nsdl.com/eNPS/NationalPension-System.html) or the website of any authorized bank or financial institution providing NPS services.
Click on 'Registration' and select 'New Registration'.
Provide your Aadhaar or PAN number, mobile number, and email ID.
Choose one of the three central record-keeping agencies to maintain your NPS account details.
After OTP verification, submit the required personal information.
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