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Aditya Birla Sun Life Pension Fund Management Limited

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Aditya Birla Sun Life Pension Fund Management Limited

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NPS Vatsalya

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To extend the benefit of NPS to the minors, the NPS Vatsalya was announced by the Union Finance Minister in the Union Budget 2024-25 on 23rd July 2024.

NPS Vatsalya is a significant step in Government’s endeavour to promote long-term financial planning and security for all the citizens. Besides securing the future of subscribers, NPS Vatsalya is based on the principle of intergenerational equity by providing cover to older and young members of the family. It is envisaged that NPS Vatsalya scheme will inculcate the habit of savings among young subscribers and large wealth can be accumulated through power of compounding. The Union Finance Minister emphasised that the scheme would allow dignified life to people in their old age.

NPS Vatsalya is a Contributory Pension Scheme regulated and administered by Pension Fund Regulatory and Development Authority (PFRDA) designed specifically for all Indian minor citizens till the age of 18 years. It is a saving-cum-pension scheme for minors and eventually giving an option to continue the retirement planning with normal NPS Tier-1 account

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Withdrawal and Exit Rules

Conditions for Partial Withdrawal

Continuation and Exit options upon attaining majority

Provisions Relating to death of the subscriber and Guardianship

Conditions for Partial Withdrawal Partial withdrawal is permitted under the NPS Vatsalya Scheme to address the contingency or unforeseen situations. The reasons/conditions for partial withdrawal include:

  • Education of the minor subscriber
  • Treatment of specified illnesses of the minor subscriber
  • Disability of more than 75% of the minor subscriber

The following shall be the conditions for such partial withdrawals:

Check iconThe subscriber or guardian, as the case may be, shall be eligible to make a partial withdrawal only after being in the scheme for at least three years from the date of account opening.
Check iconA maximum amount of up to 25% of contributions (excluding returns generated there upon) shall be allowed to be withdrawn partially. This facility is available on a declaration basis.
Check iconThe subscriber/guardian shall be eligible to take not more than two partial withdrawals from the account during the period till the subscriber attains the age of eighteen years.
Check iconFurther, upon attainment of eighteen years of age and subject to completion of the prescribed KYC requirements, the subscriber shall also be eligible to make a maximum of two additional partial withdrawals during the period between eighteen and twenty-one years of age.