NPS-Vatsalya
Apply for NPS-Vatsalya Pay NPS-Vatsalya Contribution


NPS Vatsalya Scheme

The "NPS Vatsalya" scheme is a contributory pension scheme for Indian minors. It is regulated by PFRDA and aims to create a pensioned society. All Indian minors can voluntarily participate in the scheme.

Contribution:

  • Minimum Rs. 1,000 and no upper limit.
  • Subsequent contribution: Minimum Rs. 1,000 per annum and no upper limit.

 

Withdrawal, Exit and Death

  • Withdrawal up to 25% of contribution after a lock-in period of 3 years allowed for education, specified illness, and disability. Maximum three times.
  • Upon attainment of age of 18 years, seamless shift to NPS Tier – I (All Citizen).
  • Exit allowed on attainment of 18 years of age:
    1. Corpus more than Rs. 2.5 lakh:80% of the corpus is utilized for the purchase of annuity and 20% can be withdrawn as a lump sum.
    2. Corpus less than or equal to Rs. 2.5 lakh:Entire corpus can be withdrawn as a lump sum.
  • On death, the entire corpus would be returned to the guardian.

 

Channel of Subscription/Opening of Accounts: Through all branches.

 

 

Salient Features

  • Scheme:A saving-cum-pension scheme regulated and administered by the PFRDA.
  • Eligibility:All minor citizens (age till 18 years).
  • Operations:
    1. Account opened in the name of minor and operated by Guardian.
    2. Minor to be the sole beneficiary.

 

Documents Required:

  1. KYC of Guardian by submitting Proof of Identity and Address (Aadhaar, Driving License, Passport, Voter ID card, NREGA Job Card, National Population Register).
  2. Date of Birth proof of the Minor (Birth certificate, School leaving certificate, Matriculation Certificate, PAN, Passport).
  3. NRE/NRO Bank Account (solo or joint) of the minor if the guardian is NRI.

 

  • Pension Fund Selection:Guardian can choose any one of the Pension Funds registered with PFRDA.
  • Investment Choices:
  1. Default Choice:Moderate Life Cycle Fund - LC-50 (50% equity).
  2. Auto Choice:Guardian can choose Lifecycle Fund - Aggressive - LC-75 (75% equity), Moderate LC-50 (50% equity), or Conservative LC-25 (25% equity).
  3. Active Choice:Guardian actively decides allocation of funds across Equity (up to 75%), Corporate Debt (up to 100%), Government Securities (up to 100%), and Alternate Asset (up to 5%).