NPS Vatsalya Scheme for NRI- Your Complete Guide

Once the child turns 18, the NPS Vatsalya account is converted into a regular NPS account in the name of the child. Then, the child becomes the account holder, and he/she can continue investing independently.

Yes, NRIs are eligible for tax benefits under the NPS Vatsalya scheme, under the applicable tax provisions of the Income Tax Act, subject to eligibility and prevailing tax rules.

To open an NPS Vatsalya account, NRIs need the birth certificate of the child, the PAN card, passport, overseas address proof, and bank account details (NRE/ NRO) of the guardian. Additionally, it is mandatory for the guardian and the child to complete the KYC.

Under the NPS Vatsalya scheme, an NRI parent or legal guardian can act as a guardian under the NPS Vatsalya scheme for NRIs. In this scheme, the guardian will be accountable for making contributions and managing the investment account on behalf of the minor.

Yes, NRIs can open an NPS Vatsalya account for their children who are below 18. The account is opened in the name of the child and operated by the parents or legal guardian of the child till he/she turns 18.