How to invest in NPS Vatsalya: 5 banks that have launched NPS Vatsalya, a pension scheme for minors
NPS Vatsalya) plan designed for kids that would boost long-term financial security and encourage early savings habits. On July 23, 2024, the Union Budget 2024–25 revealed this novel pension plan for minors.
NPS Vatsalya scheme details
According to a Press Information Bureau (PIB) release issued on September 20, parents can invest as little as Rs1,000 per month under the NPS Vatsalya program, with no maximum. This allows parents to instill in their children the value of disciplined savings. In order for the account to change into the child's name when the youngster turns 18, it is intended that parents manage the program until then. When the account matures, it can easily be transferred to a standard NPS account or into another non-NPS plan. NPS Vatsalya aims to fulfill the government's commitment to total financial well-being by offering its subscribers a safe and respectable financial future, all while offering the possibility of significant wealth building through the power of compounding.
NPS Vatsalya launched: Rules regarding eligibility, investment amount, withdrawals, how to buy online
Who can open NPS Vatsalya
All minor citizens up to the age of eighteen are eligible to register an account under the NPS Vatsalya plan. Throughout the procedure, a minor is the only beneficiary since the account is formed in their name and is overseen by their guardian until they become an adult.
Where to open account NPS Vatsalya
The account can be opened through registered points of presence (PoPs) with the Pension Fund
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