How to open the NPS Vatsalya Scheme for your children | Fusion - WeRIndia

The government has introduced the NPS Vatsalya scheme under the National Pension System (NPS) to ensure a secure financial future for children.

Announced in the Union Budget 2024 and officially launched by Finance Minister Nirmala Sitharaman on September 18, this initiative is managed by the Pension Fund Regulatory and Development Authority (PFRDA).

The scheme enables parents and legal guardians to build a retirement corpus for their children, starting from early childhood until the age of 18.

How to Open an NPS Vatsalya Account?

Opening an NPS Vatsalya account is simple. You can open it both online and offline at designated Points of Presence (POPs) such as India Post and participating banks.

Here are the steps to open the account online:

• First, you have to register. For this, visit the eNPS website.
• Select ‘NPS Vatsalya (Minors)’ from the National Pension System (NPS) dropdown menu and click ‘Register Now.’
• Enter the guardian’s details, including date of birth, PAN number, mobile number, and email.
• Click ‘Begin Registration.’
• Verify the OTP sent to the guardian’s mobile number and email.
• After the completion of verification, an acknowledgement number will appear. Click Continue to proceed further.
• You must fill in the minor’s and guardian’s details and upload the required documents. After that click Confirm.
• The initial contribution is ₹1,000 and one must at least make it.
• Once complete, a Permanent Retirement Account Number (PRAN) will be generated.
• It means the NPS Vatsalya account has been officially opened in the minor’s name.

Alternatively, accounts can also be opened through registered Points of Presence. A list of these POPs is available on the PFRDA website.

Who Can Open an NPS Vatsalya Account?

The NPS Vatsalya scheme is available to:

• Indian citizens who are below 18 years old.
• Non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) under 18 years.
• Parents or legal guardians who want to open the account on behalf of their minor children.

This initiative is a forward-thinking step to help parents plan for their children’s financial future.

Image from Pxhere (Free for commercial use / CC0 Public Domain)

Image Published on March 12, 2017

Image Reference: https://pxhere.com/en/photo/1104035