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The National Pension Scheme (NPS) Vatsalya, launched on September 18, 2023, has seen a positive response from Indian parents looking to invest in their children's future. As of November 17, 2023, the scheme has attracted 66,495 subscribers, with Maharashtra leading the pack with 9,219 accounts. Andhra Pradesh and Karnataka follow closely with over 6,500 subscribers each. In total, 18 states have seen over 1,000 accounts opened, demonstrating the scheme’s growing appeal.
The Vatsalya scheme enables parents and guardians to invest a minimum of Rs 1,000 on behalf of their children, with no upper limit. The account remains in the child's name and gets converted into a regular NPS account once the child turns 18. The scheme offers full withdrawal if the accumulated corpus is Rs 2.5 lakh or less; if it's greater, only 20% can be withdrawn, and the remainder must be invested in an annuity. Despite its potential, the scheme has faced criticism due to its lock-in period, which limits access to funds before the child reaches adulthood, and its lack of liquidity.
While the scheme has garnered significant attention, particularly in Maharashtra, Andhra Pradesh, and Karnataka, certain regions like Dadra & Nagar Haveli and Arunachal Pradesh have seen fewer subscriptions. Additionally, union territories like Lakshadweep and Ladakh recorded less than five subscribers each. Experts caution about the investment’s lock-in nature and urge potential investors to consider the liquidity constraints before committing to the scheme.
