NPS is great for retirement and taxes, but it locks your money away. Since you can't easily withdraw it for emergencies, try keeping 3 to 6 months' worth of cash in a savings account or FD first. It provides the flexibility that NPS doesn't.

No, you cannot directly link your daughter's NPS account to yours, as each account receives a unique PRAN number.

But you can establish a separate NPS account for her as a minor under the "NPS Vatsalya" scheme and oversee it until she reaches adulthood.