NPS Vatsalya Scheme launched Date This year NPS Vatsalya Scheme was announced in Budget 2024. Today Finance Minister Nirmala Sitharaman will launch this scheme. This scheme has been started for the future of children. By investing in this scheme, you can also deposit a huge fund for your children. Let us know in detail in the report.
New Delhi. Pension is considered a very good source of income after retirement. To promote pension, the government had announced the NPS Vatsalya Scheme in Budget 2024 this year.
Finance Minister Nirmala Sitharaman had said in the budget speech that children will get the benefit of pension in a way in the NPS Vatsalya scheme. Keeping in mind the future of the children, Finance Minister Nirmala Sitharaman will launch the NPS Vatsalya Yojana today. Let us know about this scheme in detail.
What is NPS Vatsalya Scheme
Parents or guardians can invest in this scheme to make the future of children bright. This scheme has been started with the aim that when the children grow up, they should be financially stable. There is no eligibility for investment in this scheme, that is, all citizens of India can invest in this scheme. This scheme will be operated by the Pension Fund Regulatory and Development Authority (PFRDA).
Your child’s future, your responsibility!
Secure their tomorrow with #NPSVATSALYA. Start investing from ₹1000/year, with no cap on contributions.
A small step today for a brighter tomorrow!🔅
Dive into the thread🧵for more details. 📈@nps_trust @PFRDAOfficial @ChairmanPFRDA pic.twitter.com/AhSD2ire6x
— PIB in Chandigarh (@PIBChandigarh) September 18, 2024
Investment limit in NPS Vatsalya Yojana
There are many options for investment in NPS Vatsalya Yojana. The investor has to choose one option from these options. In this scheme, at least Rs 1000 has to be invested annually. However, there is no maximum investment limit.
Pre-mature withdrawal option
In this scheme, the investor also has the option of pre-mature withdrawal. This means that the amount can be withdrawn from the scheme before maturity. This scheme has a lock-in period of 3 years, which means the investor cannot make any withdrawal after 3 years from the date of investment.
25% of the fund can be withdrawn for illness or education. In case of disability, the investor can withdraw more than 75% of the amount. Partial withdrawal is allowed only 3 times till the child turns 18 years old.
When does the scheme mature?
The scheme matures when the child turns 18 years old. If the amount in the fund is less than Rs 2.5 lakh, then a lump sum withdrawal can be made. At the same time, if the amount is more than Rs 2.5 lakh, only 20 percent of the amount can be withdrawn. Annuity can be purchased from the remaining amount. This will give the child the benefit of a fixed amount i.e. pension every month.
At the same time, this scheme can be continued even after the child turns 18 years old. If the scheme is to be continued even after the child turns 18, then you will have to inform about it in advance. After this, NPS Vatsalya will be made NPS Tier-1. After the child turns 18, KYC will have to be done again within three months.
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