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NPS Vatsalya Scheme: Launch date, features, other details

NPS Vatsalya Scheme: Launch date, features, other details

Sandeep Singh

Sep 16,2024
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What is NPS Vatsalya? It is a special pension scheme focused on minors. 

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When was it introduced?

The scheme was announced in the July 23 Budget, the first Union Budget under the Narendra Modi 3.0 government. 

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When will the scheme be available?

Finance Minister Nirmala Sitharaman will launch the NPS Vatsalya scheme on September 18. 

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How will it work? 

Under the contributory pension scheme, parents and guardians will be able to invest funds in favour of minors, thereby building a corpus on their behalf. 

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When will the corpus mature?

The bearer will be able to convert the Vatsalya account into a normal NPS account upon attaining adulthood. 

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Goal

The main purpose of the NPS Vatsalya scheme is to promote financial planning and savings habits among children. 

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Benefits

Parents and guardians can open the NPS Vatsalya account for their children and start saving on their behalf at an early stage. 

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The corpus continues to grow even after the main holder reaches the age of 18 years.

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The NPS Vatsalya scheme helps parents and guardians build a significant corpus for a child's future needs. 

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