NPS Vatsalya Scheme All Details : It is easy to open a pension account in the name of children through the recently launched ‘NCP Vatsalya’ scheme by the central government. This scheme is primarily designed to financially secure the future of children. It aims to create a large fund by the time the children become young adults, providing quality returns on their parents’ investments.
Objective of the Scheme:
The main objective of this scheme is to financially secure the future of children. Through this parents can deposit a certain amount in the pension account in the name of their children every year. This account becomes a regular pension account after the children reach the age of 18.
Important Details:
The important details of this scheme are given in the form of table below.
| Details | values |
| Scheme Name | NCP Vatsalya |
| Year of Commencement | 2024 |
| Start time | September 2024 |
| Rulers | PFRDA (Pension Fund Regulatory and Development Authority) |
Application Fee:
No initial fee is required to open an account in this scheme. Parents can also invest with small amounts.
Salary Details:
Through this scheme, children can get a larger pension after they reach 18 years of age.
| Details | Investment | Profits |
| Basic account | Rs. 1,000/year | Pension Fund |
Account Opening Eligibility:
Eligibility details for this scheme are given below.
| Item | Details |
| Minimum age | Can be opened immediately after birth |
| Account change age | Converts to pension account after 18 years |
Selection Process:
There is no selection process for joining this scheme. Any parent or heir can open an account.
Application Procedure:
- Parents can open a pension account through a bank or post office.
- There is a facility to apply through bank and online mode as well.
Application Link:
To apply for this scheme the application can be filed through the official website.
Frequently Asked Questions (FAQs):
- What is NCP Vatsalya Scheme? NCP Vatsalya Scheme is a pension scheme designed to secure the future of children.
- How to open an account? Account can be opened through bank, post office or online.
- After how many years will the account change? At the age of 18 the account becomes a regular pension account.
- What is the minimum investment? A minimum of Rs. 1,000.
Parents can provide financial security to their children through this scheme.