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Finance Minister Nirmala Sitharaman will launch the 'NPS Vatsalya' scheme on Wednesday as per the Union Budget 2024-25. On this occasion, she will also inaugurate an online platform and distribute 'Permanent Retirement Account Number' (PRN) cards to minor subscribers along with the brochure of the scheme.
Programs and events
To launch this scheme, programs will be organized at about 75 places across the country, while other places will be connected through video conference. This information was shared by the Finance Ministry on Monday.
Features of the scheme
The NPS Vatsalya scheme offers flexible contribution and investment options. Parents can open NPS accounts in the name of their children by investing a minimum of Rs 1,000 annually, making the scheme accessible to families from different economic backgrounds.
Objectives and implementation
This initiative is aimed at securing the financial future of children and will be operated under the Pension Fund Regulatory and Development Authority (PFRDA).
Know- what is NPS Vatsalya Yojana?
The 'NPS Vatsalya scheme is an initiative launched to ensure financial security for the future of children. Under this scheme, parents can open NPS accounts in the name of their children by investing a minimum of Rs 1,000 annually. The scheme offers flexible contribution and investment options, making it accessible to families with different economic backgrounds. Launched under the leadership of Finance Minister Nirmala Sitharaman, the scheme aims to provide a secure financial base for the retirement of children.
