How to invest in NPS Vatsalya: 5 banks that have launched NPS Vatsalya, a pension scheme for minors It is designed to support the government's pledge to ensure overall financial security by providing its members with a secure and dignified financial future
The government has introduced the National Pension System Vatsalya (NPS Vatsalya) plan designed for kids that would boost long-term financial security and encourage early savings habits. On July 23, 2024, the Union Budget 2024–25 revealed this novel pension plan for minors.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} NPS Vatsalya: Your child can get more than Rs 10 crore on retirement if you put Rs 10,000 a year till he is 18
NPS Vatsalya scheme details
According to a Press Information Bureau (PIB) release issued on September 20, parents can invest as little as Rs1,000 per month under the NPS Vatsalya program, with no maximum. This allows parents to instill in their children the value of disciplined savings. In order for the account to change into the child's name when the youngster turns 18, it is intended that parents manage the program until then. When the account matures, it can easily be transferred to a standard NPS account or into another non-NPS plan. NPS Vatsalya aims to fulfill the government's commitment to total financial well-being by offering its subscribers a safe and respectable financial future, all while offering the possibility of significant wealth building through the power of compounding.NPS Vatsalya launched: Rules regarding eligibility, investment amount, withdrawals, how to buy online
Who can open NPS Vatsalya
All minor citizens up to the age of eighteen are eligible to register an account under the NPS Vatsalya plan. Throughout the procedure, a minor is the only beneficiary since the account is formed in their name and is overseen by their guardian until they become an adult.
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Where to open account NPS Vatsalya
The account can be opened through registered points of presence (PoPs) with the Pension Fund Regulatory and Development Authority (PFRDA). These points of presence include major banks, India Post, and pension funds, with account setup available both online and in person. For individuals looking for an online option, the NPS Trust's eNPS platform offers a convenient and safe way to create and manage accounts. The PFRDA website contains a complete list of registered PoPs.Documents required
Proof of Date of Birth for the Minor: This can be provided through a Birth Certificate, School Leaving Certificate, Matriculation Certificate, PAN, or Passport.KYC of the Guardian: The guardian must submit proof of identity and address, which can include Aadhaar, Driving License, Passport, Voter ID card, NREGA Job Card, or National Population Register documents.Permanent Account Number (PAN) of the Guardian or Form 60 declaration, as per Rule 114B.NRE/NRO Bank Account (solo or joint) of the minor, in case the guardian is an NRI (Non-Resident Indian) or OCI (Overseas Citizen of India).
How to open NPs Vatsalya
Click on ‘Apply Online’ > select your preferred CRA > Proceed to fill details.(CAMS and K-fin Technology will share separate pop up basis applicant Date of Birth to fill Minor’s details. For Protean, please select ‘Applicant type – NPS Vatsalya’)
Banks where you can open NPS Vatsalya
These banks that have launched NPS Vatsalaya: ICICI Bank, State Bank of India, Axis Bank, Canara Bank, Central Bank of India, and Bank of Maharashtra.State Bank of India
— TheOfficialSBI (@TheOfficialSBI) ICICI BankAs per an ICICI Bank press release, "To register for NPS Vatsalya, customers can visit their nearest ICICI Bank business centre."
"We have equipped all ICICI Bank business centres across the country to open the NPS Vatsalya account for customers. This account helps in long-term wealth creation, ensuring that by the time the minor becomes an adult, there is a financial corpus in place for them," said Sriram H., Head - Deposit Products, ICICI Bank.
Axis Bank"At the launch event held in Delhi, Finance Minister Nirmala Sitharaman, presented a symbolic Permanent Retirement Account Number (PRAN) to Ms. Lamba Karnam Aaditri from Hyderabad, who was selected by Axis Bank. As a part of the initiative, Axis Bank opened total 17 NPS Vatsalya accounts and handed over symbolic PRANs to the children. The senior Bank officials Ms. Baishakhi Banerjee - Regional Branch Banking Head, South 1 and Rakesh Bhojnagarwala - Regional Branch Banking Head, West 2 handed over symbolic PRANs and opened NPS Vatslaya accounts for around 16 children in Bangalore and Ahmedabad," according to an Axis Bank press release.
Canara Bank
— canarabank (@canarabank) Punjab National Bank (PNB)
— pnbindia (@pnbindia) Central Bank of IndiaAccording to the Central Bank of India website here is how you can invest in NPS Vatsalya, "Channel of Subscription/Opening of Accounts: Through all branches; Or Link: https://www.centralbank.net.in/jsp/NPS.html ."
Bank of MaharastraClick here to invest in NPS Vatsalya: https://bankofmaharashtra.in/nps-vatsalya#:~:
eNPS online platform
The NPS Trust website states, "The online platform (eNPS) is the quickest way to open an NPS Vatsalya account. This system allows you to open an NPS Vatsalya account and make subsequent contributions. You can choose any of the following CRAs:
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This story originally appeared on: India Times - Author:Faqs of Insurances
