The rising inflation has broken everyone’s back and in such a situation it becomes a sensible step for everyone to financially secure the future. Especially, when we know that along with meeting the needs of children, we need a lot of money for college, school or marriage etc. They want to be financially safe, for which they adopt various retirement plans. Although your child will not have to worry about adopting a retirement plan, it is possible if you invest in a particular government scheme at the age of 18 years.
Children’s pension scheme
In fact, the government has brought a new scheme which is associated with the National Pension System and parents can invest in it to keep their children financially safe in future. Actually, the name of the scheme is NPS Vatsalya Yojana. A minimum amount of Rs 1000 can be deposited annually in this. If you invest 10 thousand rupees annually, then about 11 crore rupees can be deposited in your child’s name.
Who will open an account in NPS Vatsalya?
A accounts of minor children will be opened under NPS Vatsalya Yojana. Through this, retirement savings funds can be contributed. Parents can invest in it for a child from 0 to 18 years. After 18 years, the child can run this account himself. The NPS Vatsalya Yojana can be converted into the NPS scheme if the child is an adult. A minimum amount of Rs 1000 can be deposited annually in this. Let us know that if you deposit 10000 rupees every month till the age of 18 in your child’s name, then how much fund will be collected in the name of your child under the NPS Vatsalya scheme?
10 thousand rupees to 11 crore rupees will be deposited
Complete calculation of up to 18 years on investment of Rs 10,000 per year under NPS Vatsalya Scheme by PIB in Chandigarh. If you invest 10 thousand rupees annually under the NPS Vatsalya scheme in the name of your child, then at the age of 18, the total investment will be up to Rs 5 lakh. This was imposed on this annually up to 10 per cent interest calculation.
If this amount is kept for 60 years, then the total coppers will be Rs 2.75 crore with 10 per cent annual return. If the compound is done on the basis of 11.59 percent annual return and kept till the age of 60, then the total copper will be Rs 5.97 crore. At the same time, if it is kept for 60 years and added on the basis of 12.86 percent annual return, then the total copper will be Rs 11.05 crore.
