- The “NPS Vatsalya” scheme is covered under National Pension System (NPS) under section 12(1)(a) and section 20 of the Pension Fund Regulatory and Development Authority Act, 2013.
- This is a contributory pension scheme exclusively for minors with an objective to create a pensioned society, emanating from the vision of "Viksit Bharat@2047", and to encourage empowerment of children.
- The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) in accordance with the provisions of the PFRDA Act, 2013, regulations and guidelines issued by the Authority.
- All minors who are Citizens of India are eligible to participate in the scheme on a voluntary basis.
Definitions
- The “Account” shall mean an individual pension account of a minor opened through a guardian under the “NPS Vatsalya” scheme. It shall suitably draw from the features of National Pension System (NPS) Tier- 1 Account.
- The “Subscriber” for the purpose of this scheme shall mean a minor who has opened the account under the scheme.
- The “Guardian” shall mean either the parent of a minor or a legal guardian.
- The “Minor” shall mean a person who has not reached the age of eighteen years.
Contributions to the Account
- Contributions under the scheme can be made by the guardian or the subscriber through various modes of contribution as specified by PFRDA from time to time. The minimum contribution is Rs 1000 per annum, and there shall be no limit on maximum contribution. The initial contribution for enrolment under the scheme is Rs 1000.