NPS Vatsalya: 9,705 minors sign up on Day 1. Here’s how to invest for your child?

The NPS Vatsalya scheme, launched on September 18, 2024, by Union Finance Minister Nirmala Sitharaman, attracted 9,705 minor subscribers on its first day.
The scheme, overseen by the Pension Fund Regulatory and Development Authority (PFRDA), is part of the National Pension System (NPS) and aims to help parents and guardians begin retirement savings for their children from an early age.
According to PFRDA, the NPS Vatsalya scheme received an overwhelming response. Of the 9,705 minor subscribers who signed up on Day 1, 2,197 accounts were opened through the e-NPS portal alone.
The launch event was streamed live on the Ministry of Finance and PFRDA’s YouTube channels, drawing over 15,723 views.
As part of the enrolment process, children who join the scheme will receive a PRAN card (Permanent Retirement Account Number), just like adult subscribers to the NPS.
NPS Vatsalya is a government-backed initiative aimed at encouraging long-term savings for minors in India.
Like the National Pension System, the scheme is designed to help parents, legal guardians, and even Non-Resident Indians (NRIs) secure the financial future of their children by building a retirement fund over time.
By starting early, parents can take advantage of the power of compounding, making it easier to accumulate wealth over the years.
The scheme is accessible to all Indian citizens, and legal guardians can open NPS Vatsalya accounts for their minor children. This offers a valuable opportunity for financial planning and helps parents establish a foundation for their children’s future financial security.
Opening an NPS Vatsalya account is straightforward and can be done online or through registered Points of Presence (PoPs). Here’s how you can start:
Online process – The simplest way to open an NPS Vatsalya account is through the e-NPS platform, which streamlines the process and allows for quick contributions.
Offline process – Alternatively, you can open an NPS Vatsalya account through a registered Point of Presence (PoP), which includes major banks, India Post, Pension Fund companies, and other authorised entities. This can be done either in person or through their online platforms.
A complete list of PoPs can be found on the PFRDA’s official website, www.pfrda.org.in.
Whether applying online or offline, you will need to provide the following documents to open an NPS Vatsalya account: