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New Delhi: Union Finance Minister Nirmala Sitharaman is set to launch the NPS Vatsalya scheme today. The scheme was announced in the full-fledged Budget 2024-25. The new scheme allows parents to invest in a pension account for their children. The government motive behind launching the plan is to secure the long-term financial future of children.
Online Portal Launch
As part of the launch, Nirmala Sitharaman will also introduced an online platform for subscribing to NPS Vatsalya scheme. The finance minister will release a brochure about the scheme and distribute Permanent Retirement Account Number (PRAN) cards to minor subscribers.
What Is NPS Vatsalya Scheme?
As per the information announced yet, the scheme gives parents the option to make flexible contributions. The minimum investment amount is Rs 1,000 annually. This will cater the needs of families from all income levels. With the power of compounding, the scheme aims to help in building long-term wealth for the children.
NPS Vatsalya scheme is run and managed by the Pension Fund Regulatory and Development Authority (PFRDA). It is designed to promote early financial planning for children. The scheme is seen as an important step toward making future generations more financially secure and independent.
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Where The Event Will Take Place?
NPS Vatsalya events will take place at nearly 75 locations across India, with other areas joining through video conference. PRAN cards will also be distributed to new minor subscribers at these locations.
NPS Vatsalya Scheme: Availability
This scheme is available to all Indian citizens. NRIs can also avail of the facility of the plan. The best part of NPS Vatsalya is when a child turns 18, the account can be converted to a regular NPS account. However, this choice is totally up to the parents, whether they want to or not. The maturity is also on the subscribers. If he/she has reached the age of 18, withdrawal can be done.
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