NPS Vatsalya Scheme

Scheme Introduction: A Brief Overview

• Finance Minister Nirmala Sitharaman announced NPS Vatsalya Scheme at the time of her budget speech.
• NPS Vatsalya Scheme is launched on 18th of September 2024.
• NPS Vatsalya Scheme refers to National Payment Sytem Vatsalya Scheme.
• Here Vatsalya word specifies that this scheme is for minor children.
• Pension Fund Regulatory Development Authority is the regulatory agency of this scheme.
• The main objective behind starting NPS Vatsalya Scheme is to encourage minors/ childrens to save for their retirement.
• Currently Central Government is operating National Pension System Scheme for its citizens who are above 18 years of age.
• But NPS Vatsalya Scheme is specifically designed for childrens of below 18 years of age.
• This Scheme is a contributory saving cum pension scheme for minors which offers them to save for their retirement.
• All minor citizen of India whose age is below 18 years are eligible to avail the benefit of NPS Vatsalya Scheme.
• Apart from that Non Resident Indians (NRIs) and Overseas Citizen of India (OCI) can also open their minor children account under NPS Vatsalya Scheme.
• Account opened under this scheme will be operated by the Guardians of Minor till they attain the age of 18 years.
• A minimum and mandatory contribution of Rs. 1,000/- per year will be deposited in the NPS Vatsalya Pension Account.
• There will be no maximum limit of contribution under this scheme.
• Central Government has also provided the facility to withdraw deposited fund after completing the minimum lockin period of 3 years.
• Further details of withdrawl and exit under NPS Vatsalya Scheme is mentioned below.
• Guardians of the minors can open NPS Vatsalya Scheme through Online and Offline Mode.
• Online Application Form of NPS Vatsalya Scheme is available Here.
• Also Offline Application Form of National Pension System Vatsalya Scheme can be collected from any major banks and post office branch.

Withdrawl and Exit in NPS Vatsalya Scheme

Scheme Benefits

• Minor beneficiaries will receive the following benefits under Central Government's NPS Vatsalya Scheme :-
  • Beneficiary Can Contribute Minimum Rs. 1,000/- per year in Pension Account for Future Use.
  • There will be no maximum deposit limit.
  • After minimum lockin period for 3 years, beneficiary can withdraw 25% of amount in special case.
  • 3 Withdrawls will be permitted before beneficiary attain the age of 18 years.
  • NPS Vatsalya will automatically converted to normal NPS after beneficiary attains 18 years of age.

Eligibility Requirement

• Government of India sets the following eligibility conditions of NPS Vatsalya Scheme which is going to be fulfilled by the beneficiaries :-
  • Only Minors (below 18 years of age) are Eligible to Apply.
  • Guardians of Minor will operate the NPS Vatsalya Account.
  • NRI and OCI are also eligible to open account.

Required Documents

• Guardians of the Minor Beneficiary will have required the below mentioned documents in order to open account under NPS Vatsalya Scheme :-
  • Minor Date of Birth Proof.
  • Signature of the Guardian.
  • PAN Card of Guardian.
  • Passport Scanned Copy. (For NRI Applicant)
  • Foreign Address Proof Copy. (For OCI Applicant)
  • Bank Passbook Copy. (For NRI and OCI Applicant)

Steps to Apply

• Minor Beneficiary Guardins can open account under NPS Vatsalya Scheme through 2 ways :-
  • Through NPS Vatsalya Scheme Online Application Form.
  • Through NPS Vatsalya Scheme Offline Application Form.

Online Application Process

• Online Application Form of NPS Vatsalya Scheme is available on Protean e-Gov Technologies Limited Website which is jointly work with NSDL.
• Select NPS Vatsalya Minor and Click on Register Now.
  
• Guardians of the Minor will have to fill below mentioned details in the initial registration form :-
  
• Website will verify the Mobile Number and Email ID through OTP verification.
• After successfull verification, an acknowledgement id will be generated.
  
• NPS Vatsalya Scheme Registration Form will opened after clicking on continue button.
• Fill Minor Details and Guardian Details.
  
• Upload Signature and Date of Birth Proof of Minor.
• Preview the filled details and click on submit button to submit it.
• Website will generate PRAN (Permanent Retirement Accoint Number) in the name of Minor Beneficiary.
• Complete details and welcome kit of NPS Vatsalya Scheme will be sent to beneficiary on their given postal address.
• Guardians of the beneficiary then contribute minimum deposit of Rs. 1,000/- in the NPS Vatsalya Scheme Account.

Offline Application Process

• Beneficiaries can also open their pension accounts under NPS Vatsalya Scheme through by filling Offline Application Form.
• Offline Application Form of NPS Vatsalya Scheme is available free of cost at any bank and post office.
• Collect the NPS Vatsalya Scheme Application Form and fill it correctly.
• Attach all the required documents with the application form.
• Now submit the Application Form along with all the documents in the same bank or post office branch.
• Bank or Post Office Officials will verify the received application form and verify the details.
• After successuful verification, bank or post office officials will open the NPS Vatsalya Scheme pension account in the name of minor beneficiary which is operated by Guardian.
• Guardian can deposit minimum Rs. 1,000/- annually without having maximum limit in that account.

Relevant Links

• NPS Vatsalya Scheme Online Application Form.
• NPS Vatsalya Scheme Registration.
• Protean e-Gov Technologies Limited Website.
• PFRDA Website.
• NPS Vatsalya Scheme Guidelines.
• NPS Vatsalya Scheme FAQs.

Contact Information

• NPS Subscriber Helpline Number :- 18002100080.
• PFRDA Toll Free Number :- 1800110708.
• PFRDA Contact Numbers.