NPS Vatsalya launch today: FM Nirmala Sitaraman to launch National Pension Scheme variant for children; check details

NPS Vatsalya launch today: Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs, is set to launch the NPS Vatsalya scheme today, following the announcement made in the Union Budget 2024-25. The NPS Vatsalya launch will include the introduction of an online platform for subscribing to NPS Vatsalya, the release of the scheme brochure, and the distribution of Permanent Retirement Account Number (PRAN) cards to new minor subscribers. Simultaneously, NPS Vatsalya events will be organized at approximately 75 locations across the country, with other locations joining the launch through video conference and distributing PRAN membership to new minor subscribers in their respective areas.The launch event will be attended by school children, emphasizing the scheme’s focus on securing the financial future of the younger generation.What is NPS Vatsalya?NPS Vatsalya is a significant initiative aimed at ensuring the financial security of children from an early age, marking a crucial development in India’s pension system. The benefits of NPS Vatsalya are twofold:NPS Vatsalya enables parents to save for their children’s future by investing in a pension account, harnessing the benefits of compounding for long-term wealth.It offers flexible contribution and investment options, allowing parents to invest as little as Rs 1,000 annually in their child’s name, making it accessible to families from all economic backgrounds.The scheme will operate under the Pension Fund Regulatory and Development Authority (PFRDA). More details about the NPS Vatsalya scheme will emerge post the launch, once the government rolls out the guidelines.According to the Ministry of Finance, the launch of NPS Vatsalya is a substantial step towards creating a more financially secure and independent future for India’s younger generations.