Finance Minister Nirmala Sitharaman will launch the NPS Vatsalya scheme on Wednesday in line with the announcement made in the Union Budget 2024-25.
The finance minister will also launch an online platform for subscribing to NPS Vatsalya, release a scheme brochure, and distribute Permanent Retirement Account Number (PRAN) cards to minor subscribers.
As part of the launch here, NPS Vatsalya events will be organised simultaneously at nearly 75 locations throughout the country, the finance ministry said in a statement on Monday.
Other locations will join the launch through a video conference and also distribute PRAN membership to new minor subscribers in that location.
NPS Vatsalya will allow parents to save for their children’s future by investing in a pension account and ensuring long-term wealth with the power of compounding.
The scheme offers flexible contributions and investment options, allowing parents to make a minimum investment of Rs 1,000 annually in the name of the child, thus making it accessible to families from all economic backgrounds.
This new initiative is designed to start early in securing the financial future of children, marking an important step in India's pension system.
The scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA).
The launch of NPS Vatsalya highlights the government's commitment to promote long-term financial planning and security for all, the statement said.
It is a big step toward making India's future generations more financially secure and independent, it added.
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