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NPS Vatsalya scheme UPSC NOTE

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  NPS Vatsalya scheme announced in the Union Budget as a new pension plan for minors . A minimum amount of ₹1,000 is needed to open accounts...

 

  • NPS Vatsalya scheme announced in the Union Budget as a new pension plan for minors.

  • A minimum amount of ₹1,000 is needed to open accounts for minors under the scheme

  • And at least ₹1,000 must be contributed every year till the child turns 18 years of age, after which the account gets converted into a normal National Pension System (NPS) account.

  • Pension will come from the account only after they turn 60.

  • It is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA) 

  • Scheme can be opened through various Points of presence such as major banks, India Post, Pension Funds and Online platform (e-NPS)

  • Permanent Retirement Account Number (PRAN) cards will be issued to newly registered minor subscribers

  • Both the child and the parent must be Indian citizens. All parties must comply with the Know Your Customer (KYC) requirements

  • After three years of opening the NPS vastsalya account, partial withdrawals are allowed. 

    • Up to 25% of the corpus can be withdrawn for specific purposes, including education, medical treatment for certain illnesses, or disabilities over 75%.

  • Once the child attains the age of 18, the corpus of up to Rs 2.5 lakh can be withdrawn entirely and if it exceeds, the 20% can be withdrawn and the rest 80% can be used for annuity purchase in the NPS.

  • In the unfortunate event of a subscriber's death, the entire corpus is given to the nominee, usually the guardian. 

    • If the guardian dies, a new guardian must be assigned after completing a new KYC.

  • If both parents die, a legal guardian can manage the account without further contributions until the child turns 18.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: NPS Vatsalya scheme UPSC NOTE
NPS Vatsalya scheme UPSC NOTE
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