A parent always wants their child to have a better future, one where they don’t face hardships, and never have to worry about their education or marriage. To support this dream, the government has launched a special scheme where you can become a millionaire by saving just ₹1000 per month.
This scheme is called NPS Vatsalya Yojana (Government Scheme). If you start saving just ₹1000 every month from the time your child is born, by the time they turn 60, the amount can grow to around ₹2.3 crore. This means they can receive a monthly pension of nearly ₹1 lakh.
What is NPS Vatsalya Yojana
NPS Vatsalya Yojana (Government Scheme) is a reliable government pension scheme managed by PFRDA (Pension Fund Regulatory and Development Authority). Under this scheme, parents can open an account in the name of their child up to the age of 18. After turning 18, the child can open the account on their own.
According to sources, this scheme helps build strong retirement savings and provides a secure pension for the child. It is considered one of India’s largest future-focused investment schemes, offering high returns even with small monthly investments.
Who Can Open an Account
To open an account under this scheme:
- The child must be under 18 years of age if the account is opened by parents or guardians.
- After turning 18, the child can open the account in their own name.
- A minimum monthly investment of ₹1000 is required, but you can invest more if you wish.
How to Become a Millionaire
If parents open an account at the time of their child’s birth and invest ₹1000 per month until the child turns 18, and then the child continues to invest ₹1000 monthly from age 19 to 60, the total investment will be ₹7,20,000.
With an average annual return of 10%, the maturity amount can reach around ₹3.84 crore. Out of this, nearly ₹3.77 crore will be from interest alone.
Big Retirement Benefits
As per NPS (Government Scheme) rules, at least 40% of the total fund must be invested in an annuity plan, which gives a monthly pension. If the child invests ₹1.53 crore in annuity at an 8% return rate, they will get a monthly pension of ₹1,02,618. The remaining ₹2.30 crore will be available as a lump sum amount at retirement.
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