How to open NPS Vatsalya account: 10 details you need to fill to register your child now
The NPS Vatsalya scheme was announced in the Budget 2024-25 as a pension scheme that caters to small subscribers. NPS Vatsalya, where the word “vatsalya” means love, allows parents or guardians to create a retirement corpus on behalf of people under 18 with a contribution worth Rs 1,000 per year with no upper limit—so it’s simple and easy. a way to secure a child’s future by building a disciplined pension corpus that starts much earlier than the typical NPS scheme. Simply put, with NPS vatsalya, parents or guardians manage the account until the child turns 18, after which it switches to the child’s name.
The scheme is regulated and regulated by the Pension Fund Regulatory and Development Authority (PFRDA), the pension fund regulator in India.
Where to open NPS Vatsalya account?
Parents or guardians can open NPS Vatsalya account online or through bank/post office, make monthly or yearly contributions till the child turns 18.
On reaching adulthood, the account is converted to a regular NPS account, allowing the child to manage it independently.
The pension fund organization PFRDA allows a completely seamless and paperless onboarding process to enroll in the scheme.
The online platform (eNPS) is the fastest way to open an NPS Vatsalya account, which allows you to open an NPS Vatsalya account and make the following contributions through three central record keeping agencies (CRAs): Protean, KFinTech, and CAMS.
Details you need to provide to set up an NPS Vatsalya account
There are 10 basic details you need to collect before starting the online process of setting up your child’s NPS Vatsalya account using one of the three CRAs, according to the NPS website npstrust.org.in.
These are:
- The name of the little one
- The minor’s date of birth (DoB).
- The gender of the child
- Guardian/parent relationship with the minor
- Name of guardian or parent
- Guardian’s or parent’s cell phone number
- PAN of guardian or parent
- Date of birth (DoB) of the guardian or parent
- Guardian or parent’s email address
- Residential status of guardian or parent
