Union Finance Minister, Nirmala Sitharaman will introduce the NPS-Vatsalya scheme on 18th September 2024, in Delhi, as per the source.
Union Finance Minister Nirmala Sitharaman is all set to unveil the NPS-Vatsalya scheme on September 18th, 2024, in Delhi, India. It is noted that the event will be attended by Deepak Mohanty, the Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA), Pankaj Choudhary, Minister of State (MOS) for Finance, along with some senior finance ministry officials and Nagaraju Maddirala, the Secretary in the Department of Financial Services.
As per the source, FM Nirmala Sitharaman will also launch the NPS-Vatsalya scheme at remote locations via video conference.
Scheme’s details – A retirement saving plan for minor
It is said that the scheme is a unique initiative that allows parents and guardians to open accounts for their minor children which in turn would contribute to their retirement savings. The scheme offers flexibility which means, once the child turns 18 years old, the designated person can opt to convert the account into a regular NPS account (National Pension Scheme account).
NPS-Vatsalya scheme’s eligibility It should be highlighted that all Indian citizens, Non-Residents Indians (NRIs) and Overseas Resident of India (OCIs) are eligible to open an account for their minor child under this scheme. People can start saving for their child’s retirement as early as infancy with a minimum monthly contribution of Rs.500 or an annual contribution of Rs.6000.
Read more about NPS-Vatsalya scheme.
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