Finance Minister to launch NPS Vatsalya Scheme

In line with the Union Budget 2024-25, the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, will launch the NPS Vatsalya scheme on September 18, 2024, in New Delhi. School children will also participate in the launch.

During the event, the Finance Minister will also introduce an online platform for subscribing to NPS Vatsalya, release the scheme’s brochure, and give out Permanent Retirement Account Number (PRAN) cards to new young subscribers.

As part of the launch, there will be NPS Vatsalya events at almost 75 places across India, all connected through video conferencing. These locations will also distribute PRAN cards to new subscribers.

NPS Vatsalya will help parents save for their children’s future by investing in a pension account, allowing their money to grow over time. It offers flexible investment options, where parents can Rs. 1,000 per year in their child’s name, making it affordable for families from different economic backgrounds.

This initiative is aimed at securing children’s financial futures from an early age and is a big step in India’s pension system. The scheme will be managed by the Pension Fund Regulatory and Development Authority (PFRDA).

The launch of NPS Vatsalya shows the Government of India’s dedication to promoting long-term financial security. It’s an important step toward making future generations in India financially independent.