The “NPS Vatsalya” scheme (hereinafter “the scheme”) shall be covered under National Pension System (NPS) under section 12(1)(a) and section 20 of the Pension Fund Regulatory and Development Authority Act, 2013. This shall be a contributory pension scheme exclusively for minors with an objective to create a pensioned society, emanating from the vision of "Viksit Bharat@2047", and to encourage empowerment of children.

The scheme shall be regulated by Pension Fund Regulatory and Development Authority (PFRDA) in accordance with the provision of PFRDA Act, 2013, regulations and guidelines, issued by the Authority. All minors who are Citizens of India, shall be eligible to participate in the scheme, on a voluntary basis.