The citizens of India launched the NPS Vatsalya Calculator. All the citizens of India who are selected under the NPS Vatsalya can now with the official website to check the maturity amount online. With the help of the online calculator to calculate the scheme’s amount the citizens did not have to visit any government office and waste their time and effort. The Pension Fund Regulatory and Development Authority (PFRDA) is the nodal department that administrates the working of the scheme. All the citizens of India can open up accounts for their children under the scheme and can deposit their money regularly to get high returns on their investments.
About NPS Vatsalya Scheme
The NSP scheme was launched by the finance minister of India Mrs Nirmala Sitharaman on 18th September 2024. With the help of this scheme, the citizens can save their money for the future of their children. Under the NPS Vatsalya Scheme, the citizens of India can deposit their money and their children can get the total amount once they reach the age of 18 years. The minimum amount to deposit under the scheme is INR 1000 along with an opening amount of INR 1000. There is no upper limit on the maximum amount to deposit. Recently the interest rate under the scheme has fluctuated between 9.5% to 10%.
The objective of the NPS Vatsalya Calculator
The main objective of launching the NPS Vatsalya Calculator is to help the citizens get an estimate of the return under the scheme. The interest rate under the scheme is comparatively higher than any other saving scheme for children in India. To use the calculator online the citizens just need to enter the date of birth of the child, annual or monthly contribution, and annual increase in contribution. After checking the maturity amount the citizen can plan their future and monthly or annual contributions accordingly.
Key Highlights of NPS Vatsalya Calculator
| Key Highlights | Details |
| Name of the Scheme | NPS Vatsalya Calculator |
| Launched By | Government of India |
| Launch Date | September 18th 2024 |
| Announced By | Prime Minister of India |
| Purpose | Provide investment opportunity |
| Beneficiaries | Small children of India |
| Target Beneficiaries | Citizens who want to invest their money for their child’s future |
| Advantage | Secure children future |
| Eligibility Criteria | Permanent resident of India |
| Required Documents | Aadhaar Card, Bank account, |
| Application Process | Online |
| Official Website | https://www.npscra.nsdl.co.in/ |
| Expected Benefits | High interest rate |
| Contact Number | 022-2499 3499 |
Interest Rate
- The interest rate under the NPS Vatsalya is between 9.5% to 10%.
Minimum and Maximum Amount
- The minimum deposit under the scheme is INR 1000 annually.
- There is no maximum or upper limit on the deposit under the NPS Vatsalya.
Also Read: Atal Pension Yojana Calculator
Silent Features of the NPS Vatsalya Scheme
- Secure future: With the help of this is key in the citizens of India can provide a secure future to their children by investing money regularly.
- High interest rate: The Government of India sets the interest rate under the scheme which is comparatively higher than any other saving deposit scheme.
- No risk: Since the scheme is backed by the government of India the citizens who want to invest their money did not have to take any risk at all.
- Flexibility: Because the minimum amount to invest under the scheme is INR 1000 any financially unstable citizen can also avail the benefits of the scheme.
NPS Vatsalya Scheme Formula
The formula to calculate a maturity amount under the NPS Vatsalya Scheme is A = P (1 + r/n) ^ nt, where:
- A: is the amount
- P: is the principal sum
- r: is the rate of interest
- n: is the number of times interest compounds
- t: is the number of years
Maturity and Withdrawal
- Partial withdrawal: Once the citizens complete a total of 3 years as an account holder they are eligible to withdraw 25% of the total amount for expenses like education, specified illness, or disability of more than 75% of the child. Partial withdrawal is only allowed three times before the child turns the age of 18 years old.
- Withdrawal at the age of 18: When the child turns the age of 18 years the parents are eligible to withdraw their whole money
- If the Corpus amount is more than INR 2.5 lakh then the citizens have to purchase an annuity of 80% and the rest 20% will be given in lump sum.
- If the corpus is less than or equal to INR 2.5 lakh, the citizens can withdraw the entire corpus as a lump sum.
- Death of the child: In case the child dies the entire Corpus amount will be given to the guardian or the parents of the child.
Premature Closure
- Once the citizens complete a total of 3 years as an account holder they are eligible to withdraw 25% of the total amount for expenses like education, specified illness, or disability of more than 75% of the child. Partial withdrawal is only allowed three times before the child turns the age of 18 years old.
NPS Vatsalya Pension Calculator
Features of NPS Vatsalya Calculator
- To use the NPS Vatsalya calculator the citizens just need to enter their date of birth, annual or monthly distribution, and annual increase in contribution.
- The calculator will provide the citizens with a detailed projection of their investment’s future value that will help them to create a better future.
- With the help of the online system of using the NPS Vatsalya calculator, the citizens did not have to visit anywhere and waste their time and effort.
- There are a bunch of websites that provide schemes the citizens can visit any of the websites and check their corpus amount.
Benefits of the NPS Vatsalya Calculator
- The citizens can plan the future of their child according to the estimated amount from the NPS Vatsalya calculator.
- The calculators will provide the citizens with accurate results without any chance of any error in the calculation.
- The citizens also do not have to worry about the current interest rate because the official website will automatically generate the current interest rate.
- The citizens can also use the annual increase option to check the maturity amount after increasing the contribution annually.
How to Use NPS Vatsalya Calculator
STEP 1: All citizens who want to use the NPS Vatsalya Calculator are required to visit the official website by clicking on the link here.
STEP 2: Once the citizens reach the homepage of the official website they must enter their date of birth of the child, annual or monthly contribution, and annual increase in contribution.
STEP 3: After entering all the details the citizens must click on the option “calculate pension” to complete their process.
Contact Details
- Phone No:- 022-2499 3499
FAQs
Who is eligible to avail of the benefits of the NPS Vatsalya scheme?
All the citizens of India can open up an NPS Vatsalya account in their child’s name before the turn the age of 18 years.
What is the minimum contribution under the NPS Vatsalya?
The minimum contribution of INR 1000 is available under the NPS Vatsalya.
How many partial withdrawals are allowed under the NPS Vatsalya?
The guardian of the child can only withdraw 3 times before the child turns 18 years.