The responsibility of regulation and administrative of this Saving Pension-Sweet Scheme is on the Pension Fund and Regulatory Authority of India (PFRDA). This helps parents to save children for the future and after completing 18 years by the child, this fund can be used for his education and other purpose.
What is NPS Vatsalya Scheme?
Under the National Pension System Vatsalya Scheme, parents can deposit money in this scheme till the age of their children are 18 years. Parents under the scheme can invest at least Rs 1,000 every month, while the upper limit has not been fixed for investment. This scheme is helpful in saving parents in a disciplined manner, so that this amount can be used in children’s education.
Can NPS Vatsalya account be converted into Regulator NPS account?
After completing 18 years of the child, the account can be converted into regulator NPS or any non-NPS scheme. Under this process, it is necessary to fill KYC within 3 months of completing 18 years by the child.
How to open an NPS Vatsalya account for your children?
You can easily open an NPS Vatsalya account for your children through online process.
Step 1: Visit the respective official website- https://npstrust.org.in/open-nps- Vatsalya.
Step 2: You can choose from three crosses for NPS Vatsalya – Protian, Ceffintch and CAMS.
Step 3: If you click on the CAMS tab, you will be sent to the new tab to start the registration process.
Step 4: Insert all details under NPS Vatsalya (minor), such as name, date of birth, guardian Name, PAN number of Guardian and date of birth, Email ID and Mobile Number of Guardian etc.
Step 5: After filling all the times to complete the registration, click on ‘NPS Vatsalya Account Tab’.
This account is opened in the name of a minor and managed by his guardian until the child is completed 18 years. Also, it is ensured that the child is the only beneficiary of the account throughout the process.