How to open NPS Vatsalya Account for Child:Pension scheme started to inculcate the habit of saving among children and secure their financial future.People are very enthusiastic about the scheme NPS Vatsalya Scheme. Parents and guardians are enthusiastically subscribing to NPS Vatsalya Scheme in the name of their children. Under the new pension scheme, NPS Vatsalya accounts can be opened in the name of children aged 0 to 18 years through major banks of the country. The name of one more bank – Federal Bank has been added to this list.
This private sectorThe bank announced the opening of accounts under the NPS Vatsalya Scheme through a press release on Thursday, 26th September. For the purpose of securing the financial future of children and arranging pension after retirement. nps vatsalya The design has been planned. Expanding the scope of the National Pension System (NPS) for minor children, the Central Government this month on September 18, 2024 NPS Vatsalya Scheme Was launched. According to the report, on the day of launch, accounts were opened in the names of 9,705 children under the NPS Vatsalya Scheme. Out of which 2197 accounts were opened through e-NPS portal alone. If you also want to bring your minor child under the ambit of this pension scheme from the very beginning, then you can get NPS Vatsalya account with the help of the steps mentioned here.
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What is the minimum contribution for NPS Vatsalya?
On the lines of NPS, NPS Vatsalya Yojana, introduced for children below 18 years of age, is for all income groups. The minimum contribution for this scheme is Rs 1,000 annually and the pension will be available after the age of 60 years. Any parent or guardian can open an NPS account in the name of their minor child with a minimum of Rs 1,000. There is no limit on the maximum amount in this scheme.
what is the purpose
NPS Vatsalya Scheme aims to provide a secure and flexible retirement planning solution for children aged 0 to 18 years, ensuring long term wealth accumulation through the power of compounding.
With a minimum contribution of just Rs 1,000 annually, the scheme is available to families from all economic backgrounds, promoting financial inclusion and early financial planning. P V Joy, SVP and Country Head – Deposits, Wealth and Bank Assurance, Federal Bank, said that NPS Vatsalya is an important step towards securing the financial future of children. By subscribing early on, we can ensure that the child has a strong financial foundation. P V Joy was quoted in the press release as saying that we are happy to bring this initiative to the citizens of the country, as it has been launched by the government to promote long-term financial planning and security for all.
NPS Vatsalya offers flexible investment options, allowing parents to choose between active and auto investment options across different asset classes. Managed by reputed fund managers registered with the Pension Fund Regulatory and Development Authority (PFRDA), the scheme ensures expert management of investments.
Additionally, subscribers can claim tax deduction under Section 80 CCD(1) and Section 80 CCD(1B) of the Income Tax Act, making it a tax saving investment option. More information can be obtained from the official website of Federal Bank.
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What documents will be required
Child’s Birth Certificate or Matriculation Certificate, PAN, Passport or School Leaving Certificate for proof of age.
Identity proof for minor
ID proof like PAN Card, Aadhar Card, Passport or Driving License for parent or guardian
Any official document that confirms current address for address proof
mobile number
email id
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Who can open NPS Vatsalya Account?
This scheme is for children up to 18 years of age
This scheme has been introduced for all Indian citizens who want to secure the financial future of their children.
On behalf of a minor child, parents or legal guardian can open NPS Vatsalya Account and operate the account till the child becomes an adult.
When the child turns 18, 25 percent of the deposit in the NPS Vatsalya account can be withdrawn. When the child becomes an adult, the NPS Vatsalya account will be converted into a regular NPS account.
How to open NPS Vatsalya account in Federal Bank
Those who want to apply for NPS Vatsalya can visit any branch of Federal Bank or apply through the official website of the bank. Upon applying, subscribers will get a unique Permanent Retirement Account Number (PRAN) for all future transactions. You can open an account in the name of your child by taking the help of the steps given below.
First of all go to the official website of NPS or go to the platform designated for NPS Vatsalya.
Now select the Register section.
Find the option to register for a new NPS account and select it.
Fill the following information of the parent or guardian.
name of guardian
Date of Birth: Enter in DD/MM/YYYY format.
Enter Permanent Account Number (PAN)
Give mobile number.
Enter email ID.
Fill information on behalf of minor
Fill the necessary information of the minor child in the age group of 0 to 18 years for whom NPS Vatsalya account is being opened.
Fulfill KYC requirements
Provide the required KYC documents (such as proof of identity and address) as per the guidelines.
Choose investment options
Choose the investment option for NPS account based on the available options.
check and confirm
Review the accuracy and completeness of all filled information.
submit application
Submit the application form for processing.
get approval
Note down the approval number or receipt for future reference.
Follow more instructions
Follow any additional instructions provided via email or SMS to complete the registration process.
Once the application is processed, you will receive confirmation of NPS Vatsalya account opening.
NPS Vatsalya account can be opened in these banks also
Before the Federal Bank, these banks have started the initiative to open accounts in the name of children under the NPS Vatsalya Scheme.
ICICI Bank
State Bank of India
Axis Bank
Canara Bank
Central Bank of India
Indian Overseas Bank
Bank of Maharashtra
Apart from this, this account can also be opened in the nearest post office.
This is how you can get NPS Vatsalya account sitting at home
Apart from this, NPS Vatsalya account can also be opened in the name of the child through Pension Fund and Online Platform (e-NPS). You can also apply for NPS Vatsalya account by visiting the online portal (eNPS) of NPS Trust.
For online registration, go to any of the following Central Recordkeeping AgencyCan register with (CRAs).
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KFintech
Cams NPS
It is worth noting that the parent or guardian opening the account on behalf of the child will have to provide his/her date of birth, PAN card, mobile number and email ID details during the initial registration. The parent or guardian is required to download his/her KYC records from the Central KYC Registry (CKYCR) for the purpose of verification of his/her identity and address from the database of the CKYCR Registry. Details like name, address, date of birth, PAN number in the records are necessary to get KYC done.
