New Delhi, Sept. 15 -- NPS Vatsalya, the National Pension Scheme's spin-off for children, allows parents to open and operate a pension account for their minor child till they attain majority age. Notably, the child retains sole beneficiary status, and the account can be easily converted to a standard NPS account after they reach 18 years of age.

Further, all tax benefits application to NPS accounts and contributions also apply to the NPS Vatsalya accounts as well.

You will be required to submit the following documents to open an account: Birth certificate of the minor, school leaving certificate/ matriculations issued by higher secondary board of respective states, passport of minor and PAN card.

Regulated and administered by the Pensi...