In today’s fast-paced world of financial planning, one of the most valuable gifts parents can give their children is the habit of saving early. As Finance Minister Nirmala Sitharaman aptly said in her 2024 Union Budget speech, “Building the foundation of financial security begins in childhood.” With the introduction of NPS Vatsalya, a pension scheme specifically designed for minors, parents can establish a secure foundation even before their children reach adulthood.

1. What should I do if I have a complaint or grievance?

Lodge your grievance online via the Central Grievance Management System (CGMS) accessible through your NPS account.  Intermediaries must resolve complaints within 30 days.  If unsatisfied, escalate the grievance following the prescribed escalation matrix.  Contact the relevant entities based on your specific concern, starting with the primary service provider and progressing to PFRDA as needed.

1. When can I withdraw money from my NPS account?

• Partial Withdrawal: After 3 years, up to 25% of your contributions for specific reasons (illness, children's education/marriage, buying property, starting a business) up to 3 times.
• Premature Withdrawal: After 5 years (or 3 years if joined after 60), up to 20% lump sum, 80% annuity.

1. What types of accounts are available in NPS?

NPS offers two account types:

1. What is the National Pension System (NPS)?

The National Pension System (NPS) is a voluntary, defined contribution retirement savings plan. Individuals contribute to their accounts during their working years to build a corpus for retirement income. NPS is mandatory for Central Government employees (except armed forces) hired after January 1, 2004.

2. What are the key features of NPS?

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1) Can I partially withdraw money from the NPS Vatsalya account before 18 years?

Yes, partial withdrawals from your NPS Vatsalya account are allowed to address contingency situations. The permitted reasons and conditions for partial withdrawal include: