NPS Vatsalya is a new pension plan for children. Parents or guardians can start saving for their child's future from a young age. When the child turns 18, the account will change to a regular National Pension Scheme (NPS) account, continuing the savings.
National Pension Scheme (NPS) is a way for everyone in India, including those living abroad, to save money for retirement. It's a choice where you regularly put money into your pension fund, and you get some tax benefits.
Tax Benefits of NPS:
- For employees: You can get a tax break up to 10% of your salary (basic pay + allowances) under section 80 CCD(1) within the overall Rs. 1.5 lakh limit.
- For employer contributions: If your employer contributes to your NPS, you can get a tax break up to 10% of your salary (14% if the Central Government is the employer) under Section 80 CCD(2) beyond the Rs. 1.5 lakh limit.
How to Open an NPS Account:
- Visit the official eNPS website or a bank's website that offers NPS.
- Click on ‘Registration’ and choose ‘new registration’.
- Provide your Aadhaar or PAN number, mobile number, and email ID.
- Choose one of three agencies to manage your account.
- Complete the process by entering your details and verifying with an OTP.
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