What is NPS Vatsalya Yojana? Know its eligibility and application process –
What is NPS Vatsalya Yojana – NPS Vatsalya Yojana: NPS Vatsalya Scheme is being launched by the Finance Minister of India, Nirmala Sitharaman ji from 18 September 2024. This scheme will be launched at 75 places across the country, the process of launching the scheme will be completed through video conferencing. People from more than 75 places of the country will join through this video conferencing and the process of implementing the scheme will be completed.
Through this scheme, permanent retirement account number cards will now be issued to minor members and along with it many guidelines will also be available. Recently, this scheme was announced in the budget session July year 2024-25. Let\’s know about this scheme.
What is NPS Vatsalya Yojana?
NPS Vatsalya Yojana is being operated for the secure future of the children of India. This is a very important step taken regarding the pension system across the country. The Pension Fund Regulatory and Development Authority will operate this scheme.
Through this scheme designed for the youth, parents can open accounts for their minor children. Due to which these children will start saving for their retirement from childhood. When these children become adults, this account can be converted into a regular NPS account. Due to saving since childhood, they will get a huge fund from the government after retirement.
Who will get the benefit of the scheme?
Under this scheme being run by the government, parents can open accounts for their children and a minimum amount of ₹ 1000 can be invested every year. This scheme can be availed by families with any background. Long-term investment gives very high returns due to compound interest. You can invest a small amount in it every year, due to which your children\’s future can be secured.
Eligibility for NPS Vatsalya Yojana
Under this NPS Vatsalya scheme run by the government, all permanent resident citizens of India, NRI and OCI are eligible. Under this scheme, parents residing in the country can open NPS Vatsalya account for their minor children. Till the child becomes an adult, the parents are the ones who have the right to operate this account. Once the child becomes an adult, he will operate this account himself and can invest further in it.
How can you apply
The government will soon create a platform to apply under NPS Vatsalya Yojana. Through this platform, any parent residing across the country can register for their children. After the registration process is completed, a retirement account number will be provided, with the help of which you will be able to operate your account without any hassle. To apply, you may need Aadhaar card, PAN card, birth certificate, parent\’s documents etc.
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