Union Finance Minister Smt. Nirmala Sitharaman to Launch NPS Vatsalya Scheme for Minors w.e.f. September 18, 2024
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Press Release Dated: 16.09.2024
As announced in the Union Budget 2024-25, Finance Minister Smt. Nirmala Sitharaman will launch the NPS Vatsalya scheme on September 18, 2024, in New Delhi. The Union Finance Minister will also launch an online platform for NPS Vatsalya subscriptions, release the scheme brochure, and distribute Permanent Retirement Account Number (PRAN) cards to new minor subscribers.
NPS Vatsalya will allow parents to save for their children’s future by investing in a pension account and ensure long-term wealth with the power of compounding. NPS Vatsalya offers flexible contributions and investment options, allowing parents to make investments of Rs. 1,000 annually in the name of the child, thus making it accessible to families from all economic backgrounds.
This new initiative is designed to start early in securing the financial future of children, marking an important step in India’s pension system. The Scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA).
Further, the launch of NPS Vatsalya highlights the Government of India’s commitment to promote long-term financial planning and security for all. It’s a big step toward making India’s future generations more financially secure and independent.
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