MCQ
NPS Vatsalya Scheme MCQ - Practice Questions with Answers
Solve 5 NPS Vatsalya Scheme questions for RAS/RPSC preparation.
Practice questions
Q1Match List I with List II and select the correct answer using the code given below. List I (Stage/condition) 1. Opening the account 2. Partial withdrawal 3. Attaining age 18 4. No option exercised by age 21 List II (Applicable requirement/result) P. Fresh KYC and nominee details before further transactions Q. Minimum contribution of ₹250 R. Automatic shift to a higher-equity variant under MSF S. Maximum 25% of contributions excluding returns
The minimum contribution at account opening is ₹250, so 1 matches Q. Partial withdrawal is capped at 25% of contributions excluding returns, so 2 matches S. Fresh KYC and nominee details are required at age 18, making 3-P. If no option is chosen by age 21, the account automatically shifts to a higher-equity MSF variant, making 4-R.
Q2Which one of the following statements about exit or continuation after the NPS Vatsalya subscriber attains majority is incorrect?
Option A is incorrect because the full-withdrawal rule applies only when the accumulated corpus is below ₹8 lakh. Once the corpus is ₹8 lakh or more, the subscriber may withdraw up to 80% as a lump sum and must use the remaining amount to purchase an annuity. The age-21 default shift is also correctly stated.
Q3Consider the following statements about partial withdrawal from an NPS Vatsalya account: 1. It is permitted after a minimum of 3 years for education, specified illness or disability above 75%. 2. The withdrawal may be up to 25% of contributions, excluding returns. Which of the statements given above is/are correct?
Both statements are correct. Partial withdrawal becomes available after the account has completed 3 years and is restricted to education, treatment of specified illnesses or disability above 75%. The amount cannot exceed 25% of contributions, and returns earned on those contributions are excluded from this calculation.
Q4On which date was NPS Vatsalya launched by Union Finance Minister Nirmala Sitharaman?
NPS Vatsalya was announced in Union Budget 2024-25 and was formally launched by Union Finance Minister Nirmala Sitharaman on 18 September 2024. The later dates concern regulations and consolidated guidelines, while 23 July 2024 was the Budget announcement date.
Q5Which one of the following correctly describes eligibility and the current minimum contribution under NPS Vatsalya?
The scheme covers Indian citizen, NRI and OCI minors who are below 18 years of age. Under the current guidelines, ₹250 is the minimum contribution both for opening the account and for each annual contribution, and no maximum contribution ceiling has been notified.
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