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You can easily open an NPS Vatsalya account for your minor children via a seamless and quick online process.
NPS Vatsalya allows parents to save for their minor children in a disciplined way.
NPS Vatsalya Accounts For Children: The rising cost of education is a matter of concern for every parent. They often face difficulty in saving for their children’s future in a disciplined manner. To solve this problem, the Indian government last year launched the revolutionary and innovative NPS Vatsalya scheme to secure their children’s future by helping to build a disciplined saving habit.
This saving-cum-pension scheme is being regulated and administered by the Pension Fund Regulatory Authority of India (PFRDA).
It helps parents to save for their children’s future and build a good corpus that can be utilized for education and other purposes once the child reaches the age of 18.
What Is NPS Vatsalya Scheme?
The National Pension System Vatsalya (NPS Vatsalya) is a contributary scheme that allows parents to save money for their minor children until they reach the age of 18.
Under the NPS Vatsalya scheme, parents can invest a minimum of Rs 1,000 per month with no upper limit. It helps parents to develop a habit of disciplined savings for their children, so the money can be utilized for their education in the future.
Can the NPS Vatsalya Account Be Converted To a Regular NPS Account?
Once the child reaches the age of 18, the account can be seamlessly converted into a regular NPS account or another non-NPS scheme.
As part of this process, a fresh KYC must be completed within three months from the date of turning 18.
How To Open NPS Vatsalya Account For Your Child:
You can easily open an NPS Vatsalya account for your minor children via a seamless and quick online process.
The online platform (eNPS) is the easiest and quickest way to open an NPS Vatsalya account.
Step 1: Go to the official website – https://npstrust.org.in/open-nps-vatsalya.
Step 2: You can choose among three CRAs for NPS Vatsalya – Protean, Kfintech, and CAMS.
Step 3: Suppose you click on the CAMS tab, you will be sent to a new tab to commence the registration process.
Step 4: Enter all the details under NPS Vatsalay (Minor) including name, DOB, guardian name, guardian PAN, guardian DOB, guardian email ID, and guardian mobile number.
Step 5: Click on open NPS Vatsalya account tab at the bottom after filling all bars to complete the registration.
The account is opened in the name of the minor and managed by their guardian until the child reaches adulthood, ensuring that the minor remains the sole beneficiary throughout the process.
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