NPS Vatsalya Scheme: Union Finance and Corporate Affairs Minister Nirmala Sitharaman officially launched the NPS Vatsalya scheme today, fulfilling a key announcement from the Union Budget 2024-25. The launch event introduced an online platform for subscribing to the scheme, unveiled its brochure, and distributed Permanent Retirement Account Number (PRAN) cards to new minor subscribers.
In conjunction with the primary event, NPS Vatsalya programs were held at approximately 75 locations across India, connecting participants via video conference and ensuring the distribution of PRAN memberships to minors in their respective regions. The event was marked by the participation of school children, reinforcing the scheme’s focus on securing the financial future of the younger generation.
What is NPS Vatsalya?
NPS Vatsalya is a specialized scheme designed to ensure the financial security of children from a young age. The scheme allows minors under 18 years of age to subscribe, with contributions made by parents or guardians. Once the subscriber turns 18, the account seamlessly transitions into a regular National Pension System (NPS) account.
The registration process is simple, with options for Aadhaar and Digilocker integration. Non-Resident Indians (NRIs) and Overseas Citizen of India (OCI) cardholders are also eligible to subscribe, with contributions allowed from both NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts.
Aims of NPS Vatsalya
NPS Vatsalya is aimed at promoting early financial planning for children, offering flexible contribution options and the benefit of compounded growth over time. The scheme ensures that by the time a child reaches adulthood, they have a solid financial foundation in place for long-term financial stability.
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