ICICI Bank launches NPS Vatsalya pension account for minors; key features, other details to kow
he new pension scheme, to be operated under the aegis of the Pension Fund Regulatory and Development Authority (PFRDA), was proposed in the first Budget of the Narendra Modi 3.0 government in July. The NPS Vatsalya scheme allows parents or guardians to build corpuses for their minor children until they attain 18 years of age. Upon attaining adulthood, the subscriber can convert the NPS Vatsalya account into a normal NPS account.
ICICI Bank provided symbolic Permanent Retirement Account Number (PRAN) cards to the children on September 18. | File photo | | Image: PTI