This scheme is for the child who has lost both parents or legal guardian to COVID – 19. The scheme fixed a period of such incidence between 11.03.2020 to 31.12.2021 (extended till 28.02.2022 by MWCD).
Child should not have attained age of 18 years.
In such case, Joint Account Holder will be concerned District Magistrate, who shall act as the guardian for the purpose of operation of the account under the scheme.
Scheme guidelines: issued by the Ministry of Women and Child Development on PM CARES for Children Scheme, 2021.
Opening of Account: Account will be opened in the name of a beneficiary with concerned District Magistrate as joint account holder for an eligible beneficiary who has not attained the age of 18 years on the date of event.
Provided that a single account may be opened for a beneficiary who has turned 18 years or more on the date of opening of the account
Deposit: The upfront lump-sum contribution shall be made in the account. For the purposes of computation of lump-sum contribution from PM CARES Fund, age of eligible beneficiary shall be the number of completed years on the upcoming date of birth on the date of opening of account.
On attaining age of 18 years of beneficiary the said upfront lump-sum will become ₹ 10 lakh and the account converted in a single account of the beneficiary.
The beneficiary will earn interest applicable to Monthly Income Account Scheme on ₹ 10 lakh and beneficiary would get monthly stipend in her/his savings account till she/he attains 23 years of age.
The beneficiary would receive a sum of ₹ 10 lakh on attaining 23 years of age.
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