If you are planning for your child financially, then the government’s NPS Vatsalya Yojana is very useful. You can open this account for your child and deposit a minimum of Rs 1,000 every year. Also, know about its benefits.
If you need to plan for your child financially, then the government’s NPS Vatsalya Yojana is also useful. This scheme not only instills the habit of saving in children from an early age, but also helps parents save tax. Recently, the central government informed the Parliament that people’s confidence in this scheme is increasing rapidly.
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What is NPS Vatsalya Yojana?
In simple terms, it is a government pension and investment scheme for children below the age of 18. Its main aim is to make children financially aware from an early age and create funds for their future. This scheme works as per the rules of the Pension Fund Regulatory and Development Authority (PFRDA), due to which the money is completely safe.
How can small savings become lakhs of rupees?
By investing a little every month for your child, you can accumulate lakhs of rupees after 18 years. Interest at the rate of 10 percent per annum.
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How to open an NPS annuity account?
Opening an account is very easy. You can do this in two ways:
- Offline: You can open this account by going to the nearest bank, post office, filling the form and submitting the required documents.
- Online: You can easily open an account from home through the online platform of NPS Trust.
Required documents
- Child’s birth certificate or school certificate
- KYC of parents/guardians (Aadhaar card, PAN card, photo)
Bank account details
The government is working to reach out to as many people as possible through Public Financial Institutions (PFRDA), TV, radio, social media.