NPS Vatsalya Registration

What is NPS Vatsalya Registration?

NPS Vatsalya registration refers to the process by which a parent or legal guardian enrolls a minor into the main NPS scheme under the NPS Vatsalya scheme and gets a unique Permanent Retirement Account Number (PRAN). The online registration process can be done through your chosen Central Recordkeeping Agency (CRA) portal, while offline registration is handled by selecting a Point of Presence (POP). Unlike a regular NPS Tier 1 vs. Tier 2 account choice, this is exclusively an NPS Tier 1 Account for minors.

NPS Vatsalya Registration

Under the NPS Vatsalya scheme, the registration can be done through both online and offline channels. 

1. Online Method:

   Follow the given easy steps to register your child below 18 into the NPS Vatsalya scheme. 

   Step 1: Go to the official eNPS website. 

   Step 2: Click of ‘Open NPS Vatsalya’ 

   Step 3: Choose your preferred Central Recordkeeping Agency (CRA):  Protean, CAMS, or KFin Technologies. 

   Step 4: Register by filling in important details including the minor's name, age, gender, and your name, contact number, PAN number, Email ID etc. 

   Step 5: Click ‘Create Account’. 

   Step 6: Verify your details by entering the OTP on your mobile number and email ID. 

   Step 7: An acknowledgement number will be generated on the screen. Click on ‘Continue’. 

   Step 8: Fill in any other required details, and upload the required documents.

   Step 9: Click ‘Confirm’. 

   Step 10: Submit the required minimum initial contribution of ₹1,000. 

   Step 11: Finalise the application using either dual OTP verification or an e-Sign.

   Step 12: The Permanent Retirement Account Number (PRAN) will be issued and the minor's NPS account will be opened. 

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2. Offline Method:

   Step 1: Go to a Point of Presence (PoP) Service Provider (like a major bank branch or financial institution).

   Step 2: Collect the NPS Vatsalya Form

   Step 3: Fill the form and submit it along with the necessary KYC documents. 

   Step 4: Deposit the initial contribution amount of ₹1,000.

   Step 5: After the documents are verified, the NPS account will be opened, and your child's unique PRAN (Permanent Retirement Account Number) will be issued.

Eligibility to Open NPS Vatsalya Account

The eligibility criteria for opening the NPS account are as follows:

• The applicant must be a minor Indian Citizen (up to the age of 18). 
• A legal guardian or a parent must open and operate the NPS Vatsalya account on behalf of the minor child. The minor is the sole beneficiary of the NPS Tier-1 account.

Documents Required to Open NPS Vatsalya Account

To set up your child's NPS Vatsalya account, the following documents are typically required:

• Guardian's Identity Proof
• Guardian's Address Proof
• Minor's Date of Birth Proof
• Details of the minor's NRE/NRO Bank Account for NRI/OCI guardians

Benefits of NPS Vatsalya Account

The benefits of NPS Vatsalya scheme are: 

• NPS Vatsalya, through market-linked investments, ensures long-term wealth creation for your child.
• NPS Vatsalya offers the advantage of early savings, maximising the power of compounding over a longer investment horizon. 
• NPS Vatsalya provides flexibility through investment choices like the Active Choice or Auto Choice funds, allowing guardians to manage risk according to their chosen investment plan.
• NPS Vatsalya ensures financial security for your child by acting as a dedicated retirement corpus that seamlessly transitions to a regular NPS Tier I account at age 18.
• NPS Vatsalya instills financial discipline and literacy in children, as the account promotes a consistent, systematic approach to saving from an early age.

Conclusion

The NPS Vatsalya scheme offers a straightforward path for parents and guardians, through easy online or offline NPS Vatsalya registration, to give their children an essential head start in long-term wealth creation. By fostering early savings, this scheme ensures a dedicated retirement corpus that seamlessly transitions at age 18, promoting lifelong financial stability.