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You can make 10 crore rupees by depositing only 10 thousand rupees annually. Accounts are being opened at these places including SBI, ICICI.

Sandy Verma | September 21, 2024 4:24 PM CST

The Government of India has launched a unique pension scheme for children called National Pension System Vatsalya (NPS Vatsalya) It is called. Its purpose is to make children financially secure and instill in them the habit of saving from an early age. July 23, 2024 The scheme was announced during the Union Budget 2024-25.

NPS Vatsalya: Big investment for children's future

If you plan to pay annually until your child is 18 years old ₹10,000 10 lakh, then at the time of retirement they will ₹10 Crore You can get an amount of more than Rs. This scheme provides a great opportunity to get big money in future by making small investments.

here is a table that NPS Vatsalya Plan How can an amount of more than ₹10 crore be accumulated by the age of 60 by investing ₹10,000 per year under this scheme. In this, the advantage of compounding has been taken according to different interest rates and investment periods.

Age (years)	Total Investment (₹)	Estimated amount at 8% interest (₹)	Estimated amount at 10% interest (₹)	Estimated amount at 12% interest (₹)
18	1,80,000	4,57,105	5,69,854	7,14,207
25	1,80,000	7,85,686	10,28,913	13,81,168
30	1,80,000	11,57,947	16,47,009	24,08,462
40	1,80,000	25,01,407	43,40,891	82,94,729
50	1,80,000	54,01,191	1,14,29,328	2,85,47,722
60	1,80,000	1,16,57,105	3,01,63,301	10,00,74,040

Popularity of the scheme

NPS Vatsalya On the day of its launch, more than 9705 minors opened their accounts under the scheme. Of these, 2197 accounts were opened through the online eNPS portal. The scheme was live streamed on the YouTube channels of the Ministry of Finance and PFRDA, which was viewed by more than 15,723 people.

Key points of the plan

Monthly Investment: Parents can apply for their child under this scheme ₹1000 per month You can start investing with a minimum amount of Rs.
Account Maintenance: This account will be operated by the parents till the child turns 18 and then it will be transferred to the name of the child.
Option at Maturity: On turning 18, the account can be converted into a normal NPS account or it can be transferred to another scheme.

Who can open an account?

In this plan All minor Indian citizens up to the age of 18 years can participate. The account is opened in the name of the minor, which is operated by their guardian until they turn 18.

How to open an account?

There are multiple methods available to open NPS Vatsalya account:

You have whichever Bank, India Post, or Pension Fund You can open an account through.
eNPS Portal But facility of online application is also available.

Required Documents

child's Birth Certificate or school certificate
of the guardian KYC (Aadhar Card, Passport, Voter ID, etc.)
of the guardian PAN card or Form 60

Where can you open an account?

SBI, ICICI Bank, Axis Bank, Canara Bank, Central Bank of India, Bank of Maharashtra Major banks like these are providing the facility to open accounts under this scheme. Also, one can use the online eNPS platform.