NPS Vatsalya Scheme एनपीएस वात्सल्य न्यूनतम योगदान ₹1,000 प्रति वर्ष, बच्चे के 18 वर्ष की आयु तक हर महीने या प्रति वर्ष एक

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NPS Vatsalya Scheme एनपीएस वात्सल्य न्यूनतम योगदान ₹1,000 प्रति वर्ष, बच्चे के 18 वर्ष की आयु तक हर महीने या प्रति वर्ष एक

“एनपीएस वात्सल्य” योजना की घोषणा माननीय वित्त मंत्री द्वारा वित्त वर्ष 2024-25 के केंद्रीय बजट में की गई थी। इस योजना के तहत, नाबालिग बच्चों के वयस्क होने पर उनके माता-पिता और अभिभावकों द्वारा किए गए योगदान को सामान्य एनपीएस खाते में परिवर्तित किया जाएगा।

इस योजना के तहत, माता-पिता या अभिभावक अपने बच्चों के लिए एक एनपीएस खाता खोल सकते हैं और बच्चे के 18 वर्ष की आयु तक हर महीने या प्रति वर्ष एक निश्चित राशि का योगदान कर सकते हैं। न्यूनतम योगदान ₹1,000 प्रति वर्ष है, और अधिकतम योगदान की कोई सीमा नहीं है। यह योजना माता-पिता को अपने बच्चों के लिए खाता खोलने और उनकी सेवानिवृत्ति बचत में योगदान करने की अनुमति देती है।

Details

“NPS Vatsalya” Scheme was announced by the Hon’ble Finance Minister in the Union Budget for FY 2024-25 as a plan for contributions by parents and guardians for minors to be converted into a normal NPS account on the attainment of majority.

Under this scheme, parents or guardians can open an NPS account for their children and contribute an amount every month or year till the child reaches 18 years. The minimum contribution is ₹ 1,000 per year, and there is no limit on the maximum contribution. This scheme allows parents to open accounts for their children and contribute towards their retirement savings.

The NPS Vatsalya Scheme offers the following:

Investment Choices:

  • Default Choice: Moderate Lifecycle Fund – LC-50 (50% equity).
  • Auto Choice: Aggressive Lifecycle Fund – LC-75 (75% equity), Moderate Lifecycle Fund – LC-50 (50% equity), or Conservative Lifecycle Fund: LC-25 (25% equity).
  • Active Choice: Parents can actively decide the allocation of funds across equity (up to 75%), government securities (up to 100%), corporate debt (up to 100%), and alternate assets (up to 5%).

Contribution:

  • Account Opening contribution: Min. ₹ 1,000/- and Max no limit.
  • Subsequent contribution: Min. ₹ 1,000/- p.a. and Max no limit.

Upon Attainment of the age of 18 Years:

  • Seamless shift to NPS Tier-I (All Citizen) fresh KYC of the minor within three months from the date of attaining 18 years.

Exit and withdrawal from the account:

  • For education of the subscriber, treatment of specified illnesses, disability more than 75%, or the reasons as may be specified by PFRDA in the interest of the minor subscriber under the regulations, the guardian shall be allowed to partially withdraw up to 25% of subscribers’ contribution excluding returns thereon after minimum 3 years from the date of opening of the account, for maximum three times till the subscriber attains 18 years of age. Such facility shall be made available on a declaration basis.
  • In the case of the death of the minor subscriber, the entire accumulated pension wealth is to be paid to the guardian.
  • In case of the guardian’s death registered under the account, another guardian is to be registered on behalf of the minor subscriber by submitting the KYC documents as specified by the PFRDA from time to time.
  • In case of the death of both parents, the legally appointed guardian may continue the account with or without making contributions to the account, and upon attainment of 18 years of age by the subscriber, the subscriber shall have the option to continue or exit from the scheme.
  • The subscriber shall be allowed to exit only upon attainment of 18 years. On such exit, at least eighty percent of accumulated pension wealth available in the account shall be utilized for the purchase of an annuity, and the remaining balance shall be paid in a lump sum. In case, the accumulated pension wealth available in the account is equal to or less than ₹ 2,50,000/-, or the purchase of annuity is not available from empanelled Annuity Service Providers (‘ASPs’), the subscriber shall have the option to withdraw the entire accumulated pension wealth.
  • The exits and withdrawals under the scheme shall be governed by the provisions of the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pensions System) Regulations, 2015 and amendments thereof.

Benefits

  1. Opening an NPS Vatsalya account provides the child with a head start on saving for retirement and offers valuable financial lessons from an early age. It instills the importance of financial planning and discipline. which can benefit the child throughout their life.
  2. Upon reaching 18 years, the account automatically transitions into a regular NPS Tier I account, maintaining investment continuity with no additional administrative steps.
  3. For the purpose of education of the subscriber, treatment of specified illnesses, disability more than 75%, or the reasons as may be specified by PFRDA in the interest of the minor subscriber under the regulations, the guardian shall be allowed to partially withdraw up to 25% of subscribers’ contribution excluding returns thereon, after a minimum of 3 years from the date of opening of account, for maximum three times till the subscriber attains 18 years of age. Such facility shall be made available on a declaration basis.

Eligibility

  1. Any minor who is a Citizen of India is eligible for opening account under the scheme, until attaining the age of eighteen years.
  2. The account should be opened by a natural or legal guardian in the minor’s name, as they will operate the account exclusively for the benefit of the minor.
  3. If the guardian is court-appointed, they must submit a copy of the court order confirming the guardianship and KYC documents.
  4. The guardian must comply with KYC norms as per the Pension Fund Regulatory and Development Authority (PFRDA) requirements.

Application Process

Online

Offline

Step 1: Visit the NPS Trust Website https://npstrust.org.in

Step 2: On the home page click, “Open NPS Vatsalya”

Step 3: Subscriber will be directed to the page where the choice of any of the three CRAs can be made.

Step 4: On selecting the CRA, subscriber needs to enter the basic details of the Minor and the Guardian and complete OTP authentication.

Step 5: KYC details of the guardian such as Name, Date of Birth, Gender, Address, and Photo will be fetched from UIDAI database or CERSAI database and rest of the details to be filled. Proof of Date of Birth of minor should be uploaded.

Step 6: FATCA details and declaration to be entered and the choice of Investment Option should be made.

Step 7: Details to be verified through OTP authentication through email and mobile number.

Step 8: Initial contribution amount of Min Rs 1000/- to be made

Step 9: PRAN will be generated after successful payment.

Documents Required

  • The Aadhaar Card / PAN Card / Driving License of the guardian.
  • Date of Birth Proof of Minor (i.e., Birth certificate of the minor, School leaving certificate / Marksheet issued by Higher Secondary Board of respective states, ICSE, CBSE etc and Passport of the minor etc).
  • Guardian Signature.
  • Scanned Copy of Passport (Applicable only for NRI Subscribers).
  • Scanned copy of Foreign Address Proof (Applicable only for OCI Subscribers).
  • Scanned copy of Bank Proof (Applicable only for NRI/OCI Subscribers).

Frequently Asked Questions

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