NPS Vatsalya Calculator: The central government has launched a special pension scheme NPS Vatsalya for children below the age of 18 years. It has been started especially for young children. Under this scheme, parents can make their children’s future secure by investing for them. Under this scheme, the government is giving the benefit of compounding interest rate on deposits. This scheme was announced by Finance Minister Nirmala Sitharaman in the General Budget 2024. This scheme has been started in 75 locations of the country and more than 250 Permanent Retirement Account Numbers have been allotted under it. Know the special features of this scheme-
What is NPS Vatsalya?
Under NPS Vatsalya, parents can secure the future of their children by investing. Under this scheme, you can invest at least Rs 1,000 every month for your child. At the same time, no maximum investment limit has been set under this scheme. This scheme has a lock-in period of 3 years. After the lock-in period is over, when the child turns 18, up to 25 percent of the total contribution can be withdrawn in situations like his education, illness etc. In case of emergency, money can be withdrawn up to 3 times. You can open this account through bank, post office, online platform or e-NPS.
The child will become a millionaire!
According to the NPS calculator, if you invest Rs 10,000 every year in the child’s NPS Vatsalya account, then the total deposit amount will be Rs 5 lakh by the age of 18 years of the child. In this, a fund of Rs 5 lakh will be deposited under an estimated return of 10 percent. On the other hand, if the investment continues till the age of 60, then on the basis of an estimated return of 10 percent, you will get a fund of 2.75 crores. On the other hand, on an estimated return of 11.59 percent, you will be the owner of Rs 5.97 crores. On the other hand, if a person gets an estimated return of 12.86 percent, then you can get a fund of Rs 11.05 crores at the age of 60.
📊Your Pension Potential with #NPSVATSALYA
• Annual Contribution: ₹10,000
• Investment Duration: 18 years
• Expected Corpus at 18: ₹5 lakh @10% RoRExpected Corpus at 60:@10% RoR: ₹2.75 Cr@11.59%* RoR: ₹5.97 Cr@12.86%# RoR: ₹11.05 Cr
Start your investment today! pic.twitter.com/S7pt00MuT2
— PIB in Chandigarh (@PIBChandigarh) September 18, 2024
How to open an account?
To open an NPS account, you can use a bank, post office or e-platform. You can open an account online through different eNPS platforms. Apart from this, many banks like ICICI Bank, Axis Bank have partnered with PFRDA. In such a situation, you can open an NPS Vatsalya account in these banks.
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