Contributions to the Account and Choices that need to be exercised
- Contributions under the scheme can be made by the guardian or the subscriber through various modes of contribution as stipulated by PFRDA from time to time.
- The minimum contribution for account opening and annual contribution shall be Rupees Two Hundred and Fifty (₹250/-). However, as the objective of the scheme is to obtain a compounding effect for the long-term savings, it is advisable to contribute as much as possible, depending on the capacity to pay or contribute.
- In addition to parents/guardians, relatives and friends may also gift contributions to subscriber by remitting the contributions to the NPS Vatsalya account.
- Parents, guardians, relatives and friends may contribute through any of the following modes:
- Physical mode: By visiting any registered service provider (PoP) and depositing a cheque/cash along with the NPS contribution slip.
- Online facility provided by PoPs
- eNPS platform of NPS Trust
- Any other electronic mode approved by PFRDA
- The parent or guardian needs to exercise the following choices at the time of opening of the account:
- Choice of CRA (Central Recordkeeping Agency): From the registered CRAs with PFRDA.
- Choice of Pension Fund (PF): From the registered PFs with PFRDA.
Charges and Fees
The charges and fees to be levied on the account at any time shall be same as the charges under NPS-All Citizen Model as stipulated by PFRDA from time to time. The charges as stipulated by PFRDA for the following intermediaries for performing their duties and functions in relation to the scheme are as follows:
- Point of Presence (POP)
- Central Recordkeeping Agency (CRA)
- Pension Fund or Fund Management Fee
- NPS Trust charges
- Custodian charges
- Any other charge approved and stipulated by PFRDA
Incentive for promotion of NPS Vatsalya scheme
| Parameter | Details |
|---|---|
| Role & Eligibility | Anganwadi, ASHA, Bank Sakhis or any such community workers for subscriber enrollment under NPS Vatsalya |
| Incentive Structure | Incentive up to ₹100 per account, linked to number of NPS Vatsalya accounts enrolled. |
| Funding Source | Incentives to be met from ‘Other Expenditure’ of PFRDA. |
- NPS Vatsalya requires focused and targeted outreach, particularly at the grassroots level, especially in semi-urban and rural areas, in order to reach out to the citizens in rural and hinterland areas.
- Anganwadi and ASHA workers, Bank Sakhis and other community workers recognised by the Government represent a trusted and well-established community network with direct engagement with parents and guardians of young children. Their regular interaction with families positions them uniquely to act as effective awareness-builders and facilitators for NPS Vatsalya enrolment.
- With an objective to accelerate enrolment under NPS Vatsalya, a targeted Incentivisation Framework is introduced where an incentive of up to Rs. 100/- shall be payable to Anganwadi, ASHA, Bank Sakhis and any such community level workers recognised by the Government for procurement or facilitating onboarding of subscribers to the NPS Vatsalya scheme.
- In order to cater to the requirement and provide the necessary infrastructure to these community workers for onboarding the subscribers, it is being proposed to source and route these accounts through M/s CSC eGovernance Ltd (POP registered with PFRDA) due to its wider reach/access and through any other POP as decided by PFRDA.
- The operative framework governing eligibility, disbursement, monitoring, and reporting of the above-referred incentives, including the structure, will be issued separately. It is proposed to review the incentive structure one year after the date of implementation.