NPS Vatsalya will offer an annual investment option of Rs 1,000 for child pension accounts (Image Source: Twitter)
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman Will present the NPS Vatsalya SchemeAs announced in the Union budget 2024-25, the Treasury Confirmed on Monday.
The program is scheduled to launch on September 18, 2024, and will involve schoolchildren, the statement said.
The Union Finance minister It will also introduce an online platform for subscribing to NPS Vatsalya, publish a scheme brochure and distribute Permanent Retirement Account Number (PRAN) cards to new underage subscribers.
Along with the launch in New Delhi, NPS Vatsalya events will be organised simultaneously at nearly 75 locations across the country.
These locations will be connected via video conferencing and will also distribute PRAN cards to the new minor subscribers at their respective locations.
According to the release, NPS Vatsalya will enable parents to save for their children’s future by investing in a pension account, ensuring long-term wealth accumulation through the power of compounding.
NPS Vatsalya offers flexible contribution and investment options, allowing parents to make investments starting from Rs. 1,000 annually in the name of the child, making it accessible to families from all economic backgrounds.
This initiative is designed to encourage early participation financial planning for children, marking a significant step in India’s pension system.
The scheme will be administered by the Pension Fund Regulatory and Development Authority (PFRDA), the ministry said.
The Finance Ministry highlighted the Government’s commitment and said the launch of NPS Vatsalya underlines the Government of India’s dedication to promoting long-term financial planning and security for all. It represents a significant step towards ensuring financial security and independence for future generations, the statement added.
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