New Delhi, September 18, 2024 – Union Finance Minister Smt. Nirmala Sitharaman launched the NPS Vatsalya Scheme today, aimed at securing the financial future of children. This new initiative allows parents to invest in a pension account for their children, ensuring long-term savings and wealth creation.
The launch took place in New Delhi, with 75 other locations across India joining the event via video conference. At each location, new child subscribers received their Permanent Retirement Account Number (PRAN) cards, marking their entry into the National Pension System (NPS).
Key Features of NPS Vatsalya:
For children’s future: Parents can now open pension accounts for their children, helping them save for the long term.
Flexible contributions: Parents can start with as little as ₹1,000 annually, making it accessible for families from all income levels.
Power of compounding: Investments grow over time, providing financial security for the child’s future.
Minister Sitharaman also launched an online platform for subscribing to NPS Vatsalya, making it easy for parents to join and manage their investments digitally.
The scheme is managed by the Pension Fund Regulatory and Development Authority (PFRDA) and is a part of the government’s commitment to promoting early financial planning for India’s next generation.
NPS Vatsalya is a significant step toward creating a financially independent future for children across India.
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