Finance Minister Nirmala Sitharaman on Wednesday launched the Vatsalya Scheme of the NPS (National Pension Scheme), which will enable parents to save for their children’s future by investing in a pension account. (Photo: PTI)
Around 9,700 underage subscribers signed up for NPS Vatsalya on the day of the scheme’s launch earlier this week.
The scheme, regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA), provides an opportunity to parents and guardians to start saving for their children’s retirement early by leveraging the power of compounding, marking a significant milestone in India’s changing pension landscape.
In a landmark government initiative aimed at securing the financial future of India’s youth, Finance Minister Nirmala Sitharaman officially launched the NPS Vatsalya Scheme on September 18, fulfilling a key announcement in the Union Budget 2024-25.
On the launch day, NPS Vatsalya received an overwhelming response as 9,705 minor subscribers have enrolled for the scheme through various Points of Presence (PoPs) and e-NPS portal, PFRDA said in a statement on Friday.
Of these, 2,197 accounts were opened through the e-NPS portal alone, it said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 20, 2024 | 21:48 IS
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