Many schemes are run by the Government of India for the citizens of the country. Keeping in mind the needs of different people, different types of schemes are brought by the government. In today's era, people are also very aware of savings and are very alert. Along with this, people also plan their retirement during the job itself.

People invest in many such schemes at the time of job where they can get a good amount of money at the time of retirement. For this, the Government of India also runs many schemes. Many people invest in India's NPS i.e. National Pension Scheme for pension. So now NPS Vatsalya Yojana has also been started. How to avail the benefits of this scheme, let us tell you.

What is Vatsalya Yojana?

On July 25, India's Finance Minister Nirmala Sitharaman presented the 2024 budget in the House. In the budget, the Finance Minister also announced the launch of a new scheme NPS Vatsalya Yojana. Since then, people are having questions. What is this Vatsalya Yojana and how can the benefits of this scheme be availed? This scheme has been brought under the National Pension Scheme i.e. NPS.

This scheme has been brought for minors. Parents or guardians of minors can invest in this scheme in the name of their sons and daughters and can secure their future. They can strengthen their retirement fund. In this scheme, parents open an account in the name of children under the NPS Vatsalya Scheme. After 18 years, that account is converted into an NPS account.

Who can avail of the benefits of this scheme?

All parents and guardians of NRI, OCI, and Indian citizenship are eligible to apply for the NPS Vatsalya Yojana. All of them can open NPS Vatsalya accounts for their minor children. Under this scheme, when the child turns 18 years old, his NPS Vatsalya account will be converted into an NPS account. Under the scheme, parents or guardians will have to invest regularly in it till the child turns 18 years old.

How to apply?

At present, the Government of India has not provided much information about opening an account in NPS Vatsalya Yojana. But it is being speculated that application in Vatsalya Yojana can also be made through the official website of NPS https://enps.nsdl.com/eNPS/NationalPensionSystem.html#. So along with this, the bank can also provide the option to apply in this scheme through Internet banking.

(PC: Freepik)