FM Nirmala Sitharaman to launch NPS Vatsalya scheme on September 18; check key details

Finance Minister Nirmala Sitharaman will launch the NPS Vatsalya Scheme on September 18, 2024, in which school children will also participate, according to a press release.

The Union Finance Minister will also launch an online platform for subscribing to NPS Vatsalya, release scheme brochures, and distribute Permanent Retirement Account Number (PRAN) cards to new minor subscribers.

What is NPS Vatsalya scheme?

NPS Vatsalya provides flexible contribution and investment options. Parents can invest Rs 1,000 annually in the name of the child. Therefore, the scheme is accessible to families from all economic backgrounds.

NPS Vatsalya will allow parents to save for their children’s future by investing in a pension account and ensuring long-term wealth with the power of compounding.

Online platform for NPS Vatsalya

The Union Finance Minister will also launch an online platform for subscribing to NPS Vatsalya, release scheme brochures, and distribute permanent retirement account number (PRAN) cards to new minor subscribers.

This new initiative is designed to start early in securing the financial future of children, marking an important step in India’s 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. It’s a big step toward making India’s future generations more financially secure and independent.