The development is in pursuance of the announcement in the Union Budget 2024-25.
Photo: Union Finance Minister Nirmala Sitharaman (X/@nsitharamanoffc)
Union Minister for Finance Nirmala Sitharaman is set to launch the NPS Vatsalya scheme on September 18 in New Delhi. The launch will also be joined by school children, the Ministry of Finance said on Monday.
The development is in pursuance of the announcement in the Union Budget 2024-25.
The minister will also launch an online platform for subscribing to NPS Vatsalya, release scheme brochures, and distribute Permanent Retirement Account Number (PRAN) cards to new minor subscribers.
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As part of the launch in New Delhi, NPS Vatsalya events will be organised simultaneously at nearly 75 locations throughout the country.
Other locations will join the launch through video conference and will also distribute PRAN membership to new minor subscribers in that location.
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, the ministry said in a statement.
NPS Vatsalya offers flexible contributions and investment options, allowing parents to make investment 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).
The Finance Ministry believed that 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, it said.
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