Thu Sep 19 15:09:23 UTC 2024: ## NPS Vatsalya Scheme Opens for Minors: A New Option for Investment

The Pension Fund Regulatory and Development Authority (PFRDA) has launched the **NPS Vatsalya scheme**, a contributory savings plan specifically designed for minors. This new scheme allows parents or guardians to invest in a tiered savings plan with exposure to equity markets, providing a secure future for their children.

The scheme, similar to the National Pension Scheme (NPS), was formally launched on September 18th. Axis Bank and ICICI Bank have joined the initiative, offering account opening services across their branch network.

**How to Open an NPS Vatsalya Account:**

Parents/guardians can open an account either **online or offline**.

**Online:**

* Visit the official NPS website or the dedicated platform for NPS Vatsalya.
* Register for a new NPS account.
* Provide required information and guardian details.
* Choose a Central Recordkeeping Agency (CRA) – Protean, KFintech, or Cams NPS.

**Offline:**

* Visit a registered Point of Presence (POP) such as major banks, India Post, or pension funds.
* Submit essential documents:
* Child’s Date of Birth Proof (birth certificate, school leaving certificate, etc.)
* Guardian’s KYC (Aadhaar Card, passport, etc.)
* Bank account details (NRE or NRO for NRI guardians).

**Key Information:**

* **Guardian Details:** Name, Date of Birth, PAN, Mobile Number, Email ID
* **Minor’s Details:** Name and KYC documents

**Where to Open an Account:**

* **Axis Bank:** Visit any branch with required documents.
* **ICICI Bank:** Visit any business center.

**PFRDA’s website (www.pfrda.org.in) provides a comprehensive list of POPs for account opening.**

NPS Vatsalya offers a new opportunity for parents to invest in their children’s future, leveraging the benefits of the NPS framework while ensuring their financial security.

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