NPS Vatsalya Scheme
On 18th September, 2024, Union Finance Minister unveiled the NPS Vatsalya scheme, a pioneering initiative allowing parents to invest in pension accounts specifically designed for their minor children, ensuring a secure financial future.
Objective
- To provide a savings vehicle for parents to invest in their children's future, allowing for financial security through a pension account.
Key Features
- Minimum Contribution: To open an NPS Vatsalya account, parents must make an initial contribution of Rs 1,000, followed by an annual contribution of the same amount.
- Automatic Conversion: Accounts for children under 18 will transition to regular NPS accounts upon the child reaching adulthood ....
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