NPS Vatsalya Launch: Apart from bank branches, NPS Vatsalya account can also be opened online.
NPS Vatsalya Scheme: Now pension accounts of minors can also be opened in the country so that a large corpus can be created for them in the long term and their future can be secured financially. Finance Minister Nirmala Sitharaman has launched the NPS Vatsalya Scheme for minors. Through this scheme, people of such age can be linked with pension benefits who were deprived of it till now. Minors can also be linked with pension benefits through this scheme.
PRAN cards distributed to 9 children
With the launch of NPS Vatsalya Yojana, Finance Minister Sitharaman also distributed Permanent Retirement Account Numbers to a total of nine children.
Parents will invest in the account
According to the information shared by the Finance Ministry, people from about 75 places across the country will join the NPS Vatsalya launch event to be held in Delhi today through video conference. In this special scheme, which is helpful in raising a huge pension fund for children, parents will invest in their children’s pension account for their future, which will create a big fund for them in the long term.
You can start investing from Rs 1000
NPS Vatsalya provides flexible contribution and investment options, so that the child’s family can start investing in his name with a minimum of Rs 1,000 annually. While there is no limit on maximum investment, that is, parents will be able to deposit any amount in their child’s NPS-Vatsalya account. After this, until the child turns 18 years old, the parents will have to make this deposit in the child’s NPS-Vatsalya account every year. This scheme of Modi Government is being described as a big step of the government towards securing the future of children financially and making them financially strong.
What is the eligibility of this scheme
Under this scheme, all parents and guardians, whether they are Indian citizens, NRIs or OCIs, can open NPS-Vatsalya account for their children below 18 years of age and start investing in it. According to the report of Business Today, this scheme will also provide the benefit of compounding, which will help in raising a large fund for the child in the long term. The special thing is that partial withdrawal can also be done from NPS account after 3 years from the date of opening it. 25 percent of the total amount deposited in the account opened in the name of the child can be withdrawn and this can be done 3 times till he/she turns 18.
Regular NPS account on turning 18
Although every detail related to the NPS Vatsalya scheme will be shared with its launch, but the members who have completed 18 years of age i.e. adults can continue their contribution in the NPS account if they wish. On becoming an adult, the NPS Vatsalya account will be converted into a regular NPS account like that of common people. Meanwhile, after completing 18 years of age, he will have to get the KYC of the account done afresh within 3 months. Let us tell you here that after becoming an adult, one can also close his NPS Vatsalya account as per his wish.
Related Articles:-
Apple Airpods 4 Vs Airpods 3: Know what’s new in the new Airpods
