Union finance minister launches NPS Vatsalya scheme

Madurai: Union finance minister Nirmala Sitharaman launched the NPS Vatsalya scheme at Tirunelveli, Chennai and Trichy through video-conferencing.

Addressing the event, Nirmala Sitharaman said that the Union govt is determined to provide social security to people from all segments. She pointed out that the national pension scheme was extended to private employees and the public. In this same manner, the NPS has been extended to people below 18 years. The NPS Vatsalya will pave the way for the financial freedom of minors.

The NPS Vatsalya is a saving-cum-pension scheme regulated and administered by PFRDA, and all minor citizens are eligible for the scheme. The minor will be the sole beneficiary, but the account can be operated by the guardian. The NPS Vatsalya account can be opened through points of presence (POPs) registered with PFRDA, either online or in physical mode, which includes major banks, India Post, Pension Fund, and the online platform (eNPS) of NPS Trust.

For the date of birth, minors can produce documents like a birth certificate, school leaving certificate, matriculation certificate, PAN, passport, and the KYC of the guardian shall be carried out by submitting proof of identity and address like Aadhaar, driving license, passport, voter ID card, NREGA job card, National Population Register, and PAN.