New Delhi: The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman will introduce the NPS Vatsalya scheme on September 18, 2024, in New Delhi. The scheme will enable parents to save for their children’s future by investing in a pension account ensuring long-term wealth with the power of compounding. The initiative marks an important step in India’s pension system.
NPS Vatsalya will offer flexible contributions and investment options, allowing parents to invest Rs. 1,000 annually, thus making it accessible to families from all economic backgrounds. An online platform will also be launched to release the scheme brochure and distribute Permanent Retirement Account Number (PRAN) cards to new minor subscribers when they enroll in the scheme. The scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA).
As part of the launch program in New Delhi, NPS Vatsalya events will be organized simultaneously at about 75 locations throughout the country. Other locations will join the launch through video conference and will also distribute PRAN membership to new minor subscribers in the region.
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