Launch of NPS Vatsalya Scheme
Mission NPS Vatsalya Scheme is a centrally sponsored scheme launched by the Ministry of Women and Child Development to provide comprehensive care to children in all difficult situations for their health and safety. Its main objective is to empower children to reach their full potential and ensure opportunities to flourish in all aspects.
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Launch of NPS Vatsalya Scheme
The scheme allows parents to contribute to their child’s pension fund, giving them a safety net and rights for the future. It was announced in the Union Budget scenario for 2024-25, and as per the Finance Ministry, it has been launched today i.e. 18 September 2024.
According to the Finance Ministry, Finance Minister Nirmala Sitharaman today introduced NPS Vatsalya to help and care for all needy children across the country.
The Pension Fund Regulatory and Development Authority (PFRDA) administers the scheme, which aims to help all families plan for their children’s financial future as early as possible.
Inaugural events were held at 75 different locations, with other locations joining the conference through video conferencing and distributing PRAN membership to new small customers in their respective areas.
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School children also participated in the event, where they participated in interactive sessions to learn about the benefits of NPS Vatsalya. NPS Vatsalya represents an important step in enhancing the country’s pension system and promoting early financial planning for children.
How to open NPS Vatsalya’s online platform (eNPS)?
To open an online NPS Vatsalia account, follow these steps:
Visit the eNPS Portal: Visit the official website portal of eNPS, which will host the NPS Vatsalya Scheme.
Select NPS Vatsalya Option: Explore the option to apply for NPS Vatsalya scheme specially designed for minors. All
Complete Registration: Fill all required details, including minor’s information and guardian’s KYC details.
Upload Documents: Provide required documents like identity and address proof for guardian and age proof for minor.
Make an initial contribution: Ensure an annual contribution of at least ₹1,000 during registration.
Get PRAN Card: After this registration a Permanent Retirement of Account Number (PRAN) card will be issued to the minor subscriber.
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What documents are required to open an NPS Vatsalia account?
You can also open an account through Points of Presence (POPs), which also includes banks and India Post.
Some of the following documents are required to open an NPS Watsaliya account:
Identity proof for guardian: This can include Aadhaar card, PAN card, passport, or driving license.
Address Proof for Guardian: Any official document confirming current address.
Proof of age for minors: Birth certificate or any document issued by the government confirming the child’s date of birth.
Identity proof for minors: Aadhaar card is recommended if available.
Contact Information: A valid mobile number and an email id are mandatory for registration and communication.
Photographs: All recent passport size photographs of the guardian.
What are the benefits of opening an NPS Vatsalya account for a child’s future?
Opening an NPS Vatsalya account offers several benefits for securing a child’s financial future:
Early Savings: Parents can start saving for their child’s retirement from childhood, instilling financial discipline and responsibility early.
Compounding Growth: The scheme can harness the full power of compounding, which allows the investment to grow significantly over time, leading to a substantial corpus by the time the child turns 18.
Flexible Contributions: The minimum annual contribution is just ₹1,000, with no upper limit, making it accessible to families from different economic backgrounds. The contribution can be as low as ₹500 per month.
Diverse investment options: Parents can choose from a variety of investment strategies, including default, auto and active options, allowing them to tailor their investment approach to suit their risk appetite. Can also prepare.
Partial Withdrawal: After three years, parents can withdraw up to 25% for specific needs such as education or medical expenses, providing financial flexibility when needed.
Seamless Transition: On reaching maturity at the age of 18, the NPS Vetsaliya account converts into a regular NPS account, which also ensures continued growth and availability of funds for future needs.
Protection for Guardians: In case of death of the guardian, the entire corpus is returned to the registered nominee, ensuring financial security for the child.
The NPS Vatsalya scheme represents a significant development in India’s pension system, empowering parents to secure their children’s financial future from an early age. By allowing contributions as low as ₹1,000 per annum, the scheme is accessible to families from all economic backgrounds.
Flexible investment options, facility of partial withdrawal, and seamless transfer to a regular NPS account at 18 make NPS Vatsalya an attractive long-term savings tool.
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As the scheme takes off, it will promote a culture of financial responsibility and planning among the younger generation, paving the way for a more financially secure future for India’s children.
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