New Delhi, Oct. 25 -- Parents who want to start saving for their child's future can explore NPS Vatsalya, a scheme designed for long-term financial planning for minors. Parents can start contributing to NPS Vatsalya as soon as they open an account for their child.

But what happens when the child turns 18? Who gets the accumulated money, and what options are available for managing or withdrawing it? Here's what you need to know.

NPS Vatsalya is a contributory savings scheme for minors under the National Pension System (NPS). It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

The account is opened in the minor's name, with the child as the sole beneficiary. A parent or legal guardian operates it until the c...