Finance Minister Launches NPS Vatsalya Scheme for Children's Financial Future

Finance Minister Nirmala Sitharaman will unveil the NPS Vatsalya scheme, aimed at securing children's financial future, with flexible contribution options and a minimum annual investment. The launch includes an online platform for subscriptions, and events at 75 locations nationwide.

Finance Minister Nirmala Sitharaman is set to unveil the NPS Vatsalya scheme on Wednesday, aligning with the Union Budget 2024-25's announcements.

The initiative includes an online subscription platform, a scheme brochure release, and the distribution of Permanent Retirement Account Number (PRAN) cards to minor subscribers.

Events marking the launch will be held simultaneously at 75 locations across India, with additional locations joining via video conference to issue PRAN memberships.

NPS Vatsalya allows parents to invest in a pension account for their children, offering long-term wealth growth through compounding, with a minimum investment of Rs 1,000 annually, making it accessible to all economic backgrounds.

Run under the Pension Fund Regulatory and Development Authority (PFRDA), this scheme aims to secure the financial future of children early on, reflecting the government's commitment to promoting long-term financial planning and security for future generations.

(With inputs from agencies.)