Finance Minister to launch NPS Vatsalya Scheme on September 18, 2024
On September 18, 2024, Union Finance Minister Nirmala Sitharaman will officially launch the NPS Vatsalya scheme in New Delhi, with simultaneous events at nearly 75 locations across India. This initiative, announced in the Union Budget 2024-25, aims to promote early financial planning for children by allowing parents to invest in a pension account for their children. The scheme will feature an online subscription platform, a scheme brochure release, and the distribution of Permanent Retirement Account Number (PRAN) cards to new minor subscribers. NPS Vatsalya offers flexible contributions starting from Rs. 1,000 annually, making it accessible to families from various economic backgrounds. Managed by the Pension Fund Regulatory and Development Authority (PFRDA), this scheme underscores the Government of India’s commitment to securing the financial future of children through early investment and compounding benefits.
Ministry of Finance
Union Finance Minister Smt. Nirmala Sitharaman to launch NPS Vatsalya Scheme on September 18, 2024
Nearly 75 locations to virtually join the main launch in New Delhi
Children subscribers to be initiated into NPS Vatsalya with PRAN cards
NPS Vatsalya highlights Government of India’s commitment to promote early start in securing financial future of children
Posted On: 16 SEP 2024 5:38PM by PIB Delhi
In pursuance of the announcement in the Union Budget 2024-25, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will launch the NPS Vatsalya scheme on September 18, 2024, in New Delhi. School children will also join the launch.
The Union Finance Minister will also launch an online platform for subscribing to NPS Vatsalya, release of scheme brochure, and distribute Permanent Retirement Account Number (PRAN) cards to new minor subscribers.
As part of the launch in New Delhi, NPS Vatsalya events will be organised simultaneously at nearly 75 locations throughout the country. Other locations will join the launch through video conference and will also distribute PRAN membership to new minor subscribers in that location.
NPS Vatsalya will allow parents to save for their children’s future by investing in a pension account and ensure long-term wealth with the power of compounding. NPS Vatsalya offers flexible contributions and investment options, allowing parents to make investment of Rs. 1,000 annually in the name of the child, thus making it accessible to families from all economic backgrounds.
This new initiative is designed to start early in securing 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.
