NPS Vatsalya: How fast and where can you open NPS Vatsalya account? Top 5 points

NPS Vatsalya Scheme: NPS Vatsalya is now open for subscribers after its formal launch on September 18 (Wednesday). Axis Bank and ICICI Bank have joined the initiative and will be opening NPS Vatsalya accounts across their branches. 

NPS Vatsalya, just like the National Pension Scheme, is contributory plan with a tiered savings options with exposure to equity markets and is designed for minors. The investment will be done by their parents or guardians The plan will be overseen by the Pension Fund Regulatory and Development Authority (PFRDA).  

1. How to open an NPS Vatsalya account

One can open an NPS Vatsalya account offline or online. The National Pension System (NPS) Vatsalya account can be opened promptly via the electronic platform eNPS. 

This online system streamlines the initial enrollment procedure for an NPS Vatsalya account and enables individuals to make additional contributions conveniently, enhancing the overall efficiency and user experience.

You have the option to register with any of the Central Recordkeeping Agencies (CRAs) -- Protean, KFintech, Cams NPS.

2. Login process for online process

> Visit the official National Pension System (NPS) website or access the dedicated platform for NPS Vatsalya.
> Locate the 'Register' button or link on the homepage or designated section.
> Click on the option to register for a new NPS account.
> Fill in the required information and provide details of the guardian if applicable.

In addition to registering online, the NPS for Minor account can also be opened through registered Points of Presence (POPs) under PFRDA. This can be completed either online or in person at major banks, India Post, or pension funds. A comprehensive list of these POPs is available on the PFRDA website at www.pfrda.org.in.

3. Documents needed

To open an NPS Vatsalya account, one needs the submission of certain essential documents:

> Date of Birth Proof: Valid documents for this purpose comprise a birth certificate, school leaving certificate, matriculation certificate, PAN card, or passport of the minor.
> KYC for Guardian: The guardian is mandated to furnish proof of identity and address. Acceptable documents include Aadhaar Card, driving license, passport, voter ID card, NREGA job card, or documentation from the National Population Register.
> Bank Account: In the event that the guardian is an NRI, an Non-Resident External (NRE) or Non-Resident Ordinary (NRO) bank account (either solo or joint) specifically for the minor is mandatory.

4. Information format

Guardian Details:

Guardian Name: Full name of the guardian.
Date of Birth: Input in DD/MM/YYYY format.
Permanent Account Number (PAN): Enter the PAN of the guardian.
Mobile Number: Provide the guardian’s mobile number.
Email ID: Enter the guardian’s email address.

Minor’s Details:

Fill in the required details for the minor.

Provide necessary KYC documents (like proof of identity and address) as per the guidelines.

5. Offline account opening process

Axis Bank: In order to begin, parents or guardians are required to visit their closest Axis Bank branch with necessary documents such as the child's birth certificate, PAN card, and card. The bank provides a variety of investment opportunities within the program, giving families the flexibility to select based on their financial objectives.

ICICI Bank: Customers can visit their local ICICI Bank branch to open an account. The facility of opening NPS Vatsalya accounts is available at all its business centers.