Invest in NPS Vatsalya: 5 Major Banks Leading the Charge

Friday, 20 September 2024, 22:26

State Bank of India, Canara Bank, Axis Bank, and others have launched NPS Vatsalya, a pension scheme for minors aimed at financial security for kids. This plan offers parents an opportunity to invest and cultivate disciplined savings habits from a young age. Supported by the central government, NPS Vatsalya can potentially yield substantial wealth accumulation through compounding benefits.
Indiatimes
Invest in NPS Vatsalya: 5 Major Banks Leading the Charge

NPS Vatsalya: A New Pension Initiative for Minors

The government has introduced the National Pension System Vatsalya (NPS Vatsalya), a plan designed for children that enhances long-term financial security and promotes early savings practices. As highlighted in the recent Union Budget 2024-25, this pension scheme ensures that children are equipped with significant financial assets upon reaching adulthood.

Key Benefits of NPS Vatsalya

  • Investment Flexibility: Parents can start investing with just Rs 1,000 monthly, with no upper limit.
  • Educational Value: The program instills disciplined savings habits in children.
  • Long-Term Growth: Parents manage accounts until the child turns 18, facilitating wealth growth.

Criteria for Opening NPS Vatsalya Accounts

  1. Eligibility: Open to all minors under 18, each account must have a guardian.
  2. Opening Method: Accounts are accessible through various registered points of presence (PoPs), including major banks.
  3. Required Documentation: Proof of age and identity for both the minor and guardian.

Participating Banks for NPS Vatsalya

The following banks have launched the NPS Vatsalya scheme:

  • State Bank of India
  • ICICI Bank
  • Axis Bank
  • Canara Bank
  • Central Bank of India
  • Indian Overseas Bank
  • Bank of Maharashtra

For details on account opening processes, interested parties should visit these banks directly or use the online NPS platforms provided.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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