Union Finance Minister Nirmala Sitharaman will launch the new pension scheme ‘NPS Vatsalya’ today. This scheme is specially designed for the school students. The scheme ‘NPS Vatsalya’ was announced in Union Budget 2024. Under this new scheme, parents can open accounts for their children for retirement savings.
Launch will take place in New Delhi, with NPS Vatsalya events also being organized at 75 locations across the country. Nirmala Sitharaman will introduce an online platform for subscribing to NPS ‘Vatsalya’, release a scheme brochure, and also distribute PAN cards to new minor subscribers. The aims to encourage early financial planning for children’s future security.
Also Read : Narendra Modi to address rally in Doda today, first by any PM in decades
NPS-Vatsalya is being introduced as a gift to parents and guardians of minors. It has been revealed that the scheme can be converted into regular NPS as per the wishes of the children after reaching a certain age.
Nirmala Sitharaman will launch this scheme in Delhi. In other 75 areas it will start through video conference. PAN (Permanent Retirement Account Number) membership will be distributed to new minor subscribers. Through NPS Vatsalya, parents can invest from Rs 1,000 per year in their child’s name.
