Union Minister of Finance and Corporate Affairs Nirmala Sitharaman will launch the NPS Vatsalya scheme in New Delhi on September 18, 2024. This initiative, which aligns with the 2024-25 Union Budget, aims to secure the financial future of India's younger generation. School children will also attend the event.
The event will include the launch of an online platform for subscribing to NPS Vatsalya, the release of a scheme brochure, and the distribution of Permanent Retirement Account Number (PRAN) cards to newly enrolled minors. In addition to the central event in New Delhi, approximately 75 locations across the country will host simultaneous events, connecting via video conference to participate in the launch and distribute PRAN cards.
NPS Vatsalya is designed to enable parents to invest in their children's future by contributing to a pension account, benefiting from the power of compounding over time.
With flexible investment options, families can contribute as little as Rs 1,000 annually, making it accessible to all economic backgrounds. This initiative underscores the importance of early financial planning and provides a tool for families to build long-term wealth for their children.
Administered by the Pension Fund Regulatory and Development Authority (PFRDA), NPS Vatsalya represents a significant step in India's evolving pension system. The launch of the scheme highlights the government's commitment to fostering long-term financial security for its citizens, ensuring future generations are more independent and financially prepared.
The NPS Vatsalya scheme promises to be a milestone in promoting financial literacy and encouraging early savings habits, crucial for a stable and secure future.
