What is NPS Vatsalya Scheme?

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The NPS Vatsalya Scheme is a significant initiative aimed at providing financial security to the families of Central Government employees, here are some things to know.

1

Objective

The primary objective of the NPS Vatsalya Scheme is to offer financial security and stability to the families of Central Government employees.

2

Eligibility

The scheme is specifically designed for Central Government employees who are covered under the National Pension System.

3

Pension Benefits

Under the NPS Vatsalya Scheme, the family of a deceased Central Government employee is entitled to receive a pension.

4

Contribution Structure

Both the employee and the government contribute towards the pension fund during the employee's service period.

5

Tax Benefits

Contributions made to the NPS Vatsalya Scheme are eligible for tax benefits under Section 80CCD of the Income Tax Act.

6

Withdrawal Flexibility

They can choose to withdraw the accumulated pension fund as a lump sum or receive regular pension payments.

7

Regulatory Oversight

The NPS Vatsalya Scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), ensuring transparency and reliability.