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Union Minister for Finance and Corporate Affairs Nirmala Sitharaman will introduce the NPS Vatsalya scheme, as announced in the Union Budget 2024-25, the Ministry of Finance confirmed on Monday.
The scheme's launch is scheduled for 18 September 2024, with schoolchildren participating in the event, according to the statement. The Union Finance Minister will also unveil an online platform for subscribing to NPS Vatsalya, release a scheme brochure, and distribute Permanent Retirement Account Number (PRAN) cards to new minor subscribers. In conjunction with the launch in New Delhi, NPS Vatsalya events will be organised simultaneously at nearly 75 locations across the country. These locations will connect via video conference and will also distribute PRAN cards to new minor subscribers at their respective venues. According to the statement, 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 child's name, making it accessible to families from all economic backgrounds. This initiative is designed to encourage early financial planning for children, marking a significant step in India's pension system. The scheme will be managed under the Pension Fund Regulatory and Development Authority (PFRDA), the ministry noted. Emphasising the government's commitment, the finance ministry stated that the launch of NPS Vatsalya underscores the Government of India's dedication to promoting long-term financial planning and security for all. It represents a significant step towards ensuring the financial security and independence of future generations, the statement added. (ANI)
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