a. The account shall be opened under the scheme by the natural/legal guardian in the name of the minor, who shall be the sole beneficiary.
b. The account shall be operated by the guardian for the exclusive benefit of the minor until the attainment of the age of majority (18 years).
c. Know Your Customer (KYC) norms to be applicable to the guardian shall be in accordance with the KYC norms stipulated by the PFRDA from time to time. In case of a court appointed legal guardian, a copy of the court order in respect of the appointment of the Legal Guardian shall be submitted along with the KYC documents.
d. Date of Birth proof (ie Birth certificate of the minor, School leaving certificate / Mark sheet issued by Higher Secondary Board of respective states, ICSE, CBSE, etc and Passport of the minor, etc), and bank account details of the minor or joint account with the minor are required for opening the account. The Bank account details of a minor or a joint account with a minor are not mandatory for the opening of an account of an Indian Resident, but it shall be mandatory at the time of partial withdrawal or exit on the attainment of the age of 18 years.
e. A unique Pension Retirement Account Number (PRAN) in the name of the minor subscriber shall be issued by the concerned CRA.
f. Upon attainment of 18 years of age, the account of the subscriber shall continue to be operational and will be seamlessly shifted into NPS-Tier 1 Account- All Citizen Model.
g. Upon attainment of 18 years of age, a fresh KYC of the subscriber be carried out within 3 months from the attainment of majority as specified by PFRDA from time to time. The contribution shall be allowed into the NPS Tier-1 Account, post submission of fresh KYC.
h. On shifting into NPS-Tier I account upon attaining majority, the features, benefits, including exit norms under the NPS-Tier-I -All Citizen Model shall be applicable.
