Finance Minister to launch NPS Vatsalya Scheme

Finance Minister Nirmala Sitharaman will launch the NPS Vatsalya scheme on Wednesday in line with the announcement made in the Union Budget 2024-25. NPS Vatsalya will allow parents to save for their childrens 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 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 financial future of children, marking an important step in Indias pension system. The Scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA). The launch of NPS Vatsalya highlights the Government of India's commitment to promote long-term financial planning and security for all. Its a big step toward making Indias future generations more financially secure and independent. The finance minister will also launch an online platform for subscribing to NPS Vatsalya, release a scheme brochure, and distribute Permanent Retirement Account Number (PRAN) cards to minor subscribers.

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