About NPS Vatsalya Scheme:
- It is a contributory savings and long term financial security scheme designed exclusively for minors.
- Key features of NPS Vatsalya Scheme:
- Eligibility: It is open to all Indian citizens, including NRI/OCI, below 18 years of age.
- Account Operation: Account opened in the name of the minor and operated by the guardian
- Contribution: Minimum initial and annual contribution ₹250 and no maximum limit on contribution
- The contribution can also be gifted by relatives and friends.
- Pension Fund Selection: Guardian can choose any one Pension Fund registered with PFRDA
- Partial Withdrawal Provisions: It is allowed after completion of three years from account opening
- Up to 25% of own contributions (excluding returns) is permitted for education, medical treatment and specified disabilities
- It is allowed twice before 18 years and twice between 18-21 years, subject to conditions.
