The Government of India has recently launched the NPS Vatsalya scheme, aimed at securing the financial future of minor children. This new initiative is an extension of the National Pension System (NPS) and allows parents to set up a pension account specifically for minors. What is NPS Vatsalya? NPS Vatsalya is a pension scheme designed for minors, where parents or guardians can open a dedicated account in their child's name. Contributions made under this scheme will grow over time, helping build a pension corpus for the child, who will benefit upon reaching adulthood. Key Features of NPS Vatsalya: Eligibility : All Indian citizens below the age of 18 are eligible. The account is opened in the minor’s name but is managed by a parent or guardian until the child reaches adulthood. How to Open : Accounts can be opened through various Points of Presence (PoPs) regulated by PFRDA, including major banks, India Post, and pension funds. An online option (e-NPS) is also available. Contribu...
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