Union Finance Minister Nirmala Sitharaman will launch the NPS Vatsalya Scheme in Delhi today (September 18). In the program, the Finance Minister will also launch an online platform for the people joining the NPS Vatsalya Scheme.
On this occasion, the Finance Minister will share detailed information related to the scheme. The Finance Minister will also distribute PRAN i.e. Permanent Free Account Number (PRN) cards to minor children.
What is NPS Vatsalya Scheme?
This scheme has been planned for minor children. In this, parents or guardians will be able to open NPS account of their children and deposit money in it. This will help in ensuring the financial security of the children when they grow up. The account can be converted into regular NPS when the children become adults. The Finance Minister had announced this in the budget for the financial year 2024-25.
How will NPS Vatsalya account be opened?
NPS Vatsalya account can be opened in almost all banks, post offices and pension funds of the country through Point of Presence (POP). Users can also open this account through online platform e-NPS.
What is the minimum investment required?
Vatsalya account can be opened with a minimum amount of Rs 1000. There is no upper limit of investment.
Can money be withdrawn in between in NPS Vatsalya?
Yes, 25% of the total deposit amount can be withdrawn after a lock-in period of three years. But it can be withdrawn only in case of education, illness and disability.