19 September 2024
- Bhupinder Singh
Image Credit: Unsplash
Image Credit: PIB
Children under 18 years old are eligible, with parents or guardians managing the account.
Image Credit: Unsplash
Parents can open an NPS Vatsalya account at banks, post offices, pension fund offices, or online via the e-NPS portal.
Image Credit: Unsplash
Image Credit: Pixabay
The minimum contribution is Rs 1,000 per year with no maximum limit, and the account converts to a regular NPS when the child turns 18.
Image Credit: Unsplash
Parents can easily build a financial base for their child's future, with flexible contributions and long-term savings.
Image Credit: Unsplash
Withdraw up to 25% of own contribution before age 60 for needs like education, illness or death of a child. Withdrawals are allowed after three years and up to three times during the account¡¯s lifetime.
Image Credit: Unsplash
Tax benefits are still uncertain, and further guidelines from PFRDA are awaited.
Image Credit: Unsplash
Premature withdrawals are limited, so parents should plan carefully before committing to this long-term scheme. For more details click here.
Image Credit: Unsplash