The NPS Vatsalya Scheme, announced in the Union Budget 2024-25, will be launched by Finance Minister Smt. Nirmala Sitharaman on September 18, 2024, in New Delhi. This initiative allows parents to invest in pension accounts for their children with flexible contributions starting at Rs. 1,000 annually, offering long-term wealth building through compounding.
The scheme is designed to secure the financial future of children and will be overseen by the Pension Fund Regulatory and Development Authority (PFRDA). Nearly 75 locations across the country will participate virtually in the launch, and PRAN cards will be distributed to minor subscribers.
The scheme offers flexible contributions and investment options, making it accessible to families from all economic backgrounds. Parents can invest as little as Rs. 1,000 annually in their child’s name, ensuring financial growth through compounding.
During the launch, the Finance Minister will also unveil an online platform for subscribing to NPS Vatsalya, release a scheme brochure, and distribute PRAN cards to new minor subscribers.
This initiative is a key step in promoting long-term financial planning and securing a financially independent future for India’s younger generation, reinforcing the government’s focus on inclusive financial security.
In the realm of luxury timepieces, a select few watches command extraordinary prices that reflect…
The Cabinet Secretary is the highest-ranking civil servant in India, playing a key role in…
Wilhelm Conrad Röntgen, a German mechanical engineer and physicist, became the first person to win…
A series of pager explosions across Lebanon resulted in the deaths of at least nine…
India and the US have committed to deepening their bilateral cooperation across the energy value…
At the 4th RE-Invest Summit, hosted by the Ministry of New and Renewable Energy (MNRE)…