NPS Vatsalya: The government finally formally launched last week the NPS Vatsalya scheme for children in the age group of 0 to 18 years, providing parents a unique opportunity to secure their child’s financial future through an investment-cum-retirement scheme. In this regard, several banks are onboarded to facilitate the account opening facility, making it easier for parents to invest in their minor children’s retirement savings.

Which banks offer the NPS Vatsalya account opening facility for your minor child?

NPS Vatsalya account can be opened at several banks, including ICICI Bank, State Bank of India, Axis Bank, Canara Bank, Central Bank of India, Indian Overseas Bank and Bank of Maharashtra. These banks provide parents with a convenient way to invest in their children’s financial future through the National Pension System.

Also read: NPS Vatsalya: Quickest way to open an account for your child – Follow these steps

NPS Vatsalya Scheme Features:

Eligibility: Parents or guardians can open an NPS Vatsalya account for their minor children, who will be the sole beneficiaries.

Account Management: The account is operated by the guardian for the exclusive benefit of the minor until they turn 18.

Pension Retirement Account Number: A unique Pension Retirement Account Number (PRAN) will be issued by the Central Recordkeeping Agency (CRA) in the name of the minor.

Transition to NPS-Tier 1: Once the minor turns 18, the account will transition to the NPS-Tier 1 Account under the All Citizen Model.

KYC Requirements: A fresh KYC will be conducted within three months of the minor reaching the age of majority.

Minimum Contribution: The minimum annual contribution to NPS Vatsalya is Rs. 1,000, with no limit on the maximum contribution.

Withdrawal Options: The scheme allows for partial withdrawals and exit options.

Also read: NPS Vatsalya opens! ICICI Bank, Axis Bank launch scheme – Know eligibility, minimum contribution and more

How to open NPS Vatsalya Scheme online?

Steps to Open an NPS Vatsalya Scheme Account Online:

  • Visit the eNPS Website: Go to the official eNPS site.
  • Register for NPS Vatsalya: Scroll down and click on the ‘Register Now’ option under the ‘NPS Vatsalya (Minors)’ section.
  • Provide Guardian Details: Enter the guardian’s date of birth, PAN number, mobile number, and email address, then click ‘Begin Registration.’
  • Verify OTP: Input the OTP sent to the guardian’s mobile and email.
  • Receive Acknowledgment: After OTP verification, an acknowledgment number will appear on the screen. Click ‘Continue.’
  • Enter Details and Upload Documents: Fill in the required information for both the minor and guardian, upload the necessary documents, and click ‘Confirm.’
  • Initial Contribution: Make the initial deposit of Rs. 1,000.
  • Account Creation: The PRAN will be generated, and the NPS Vatsalya account will be opened in the minor’s name.