NPS VATSALYA
NPS VATSALYA
NPS Vatsalya aims to promote savings habit in minors by contributing in NPS regularly. Such NPS accounts can be opened in the name of Minors under guardianship. The Scheme encourages empowerment of children with an ultimate aim of creating a pensioned society.
The highlights of NPS Vatsalya is as under:
| Scheme | A saving-cum-pension scheme regulated and administered by the PFRDA |
| Eligibility | All minor citizens (age till 18 years) |
| Operations | • Account opened in the name of minor and operated by Guardian
• Minor to be sole beneficiary |
| Contribution | Account Opening contribution: Min Rs. 1,000 /- and Max no limit.
Subsequent contribution: Min. Rs. 1,000 /- p.a. and Max no limit. |
| Pension Fund Selection | Guardian can choose any one of the Pension Fund registered with PFRDA |
| Investment Choices | (1) Default Choice: Moderate Life Cycle Fund -LC-50 (50% equity)
(2) Auto Choice: Guardian can choose Lifecycle Fund – Aggressive -LC-75 (75% equity), Moderate LC-50 (50% equity) or Conservative-LC-25 (25% equity) (3) Active Choice: Guardian actively decides allocation of funds across Equity (upto 75%), Corporate Debt (upto 100%), Government Securities (upto 100%) and Alternate Asset (upto 5%) |
| Withdrawal, exit
and death
|
• Withdrawal up to 25% of contribution after lock-in-period of 3 years allowed for education, specified illness and disability. Max three times.
• Upon attainment of age of 18 years, Seamless shift to NPS Tier – I (All Citizen) • Exit allowed on attainment of 18 years of age
• On death, entire corpus would be returned to the guardian |
( Last modified on Dec 03, 2024 at 04:12:33 PM )
