NPS Vatsalya: Nirmala Sitharaman says intergenerational faith is crucial for India's growth

NPS Vatsalya: Nirmala Sitharaman says intergenerational faith is crucial for India's growth

NPS Vatsalya Programme: Finance Minister Nirmala Sitharaman launched the NPS-Vatsalya programme and announced it in the Budget 2024-25.

NPS Vatsalya Scheme: The government has taken a major step to strengthen the financial future of the next generation. The scheme will enable parents to open pension accounts for their children. An online platform will also be set up for easier enrollment.

According to the Treasury Department, under this program, minor subscribers are given a permanent retirement account number. Parents can invest in these retirement accounts to build significant wealth for their children over time.

Annual investment of Rs 1,000

The NPS Vatsalya scheme offers flexible investment options that allow parents to contribute ₹1,000 annually. It is available to families of all income groups.

This initiative aims to secure the financial future of children and is an important step in India's pension system, which is administered by the Pension Fund Regulatory and Development Authority (PFRDA). The launch of this program underscores the government's commitment to promote long-term financial security for all.