NPS Vatsalya Scheme

Launch Details

Launch Date: September 18, 2024, by Union Finance Minister Nirmala Sitharaman in New Delhi.

Purpose

To promote early financial planning for children through a pension account.

Key Features

• PRAN Cards: Permanent Retirement Account Number (PRAN) cards will be distributed to minor subscribers.
• Online Platform: An online platform for subscribing to NPS Vatsalya will be launched.
• Simultaneous Events: Nearly 75 locations across India will join the main launch virtually.

Benefits

• Parental Contributions: Parents can contribute a minimum of Rs. 1,000 annually in the name of the child.
• Investment Flexibility: Offers flexible contributions and investment options.
• Wealth Creation: Ensures long-term wealth growth through the power of compounding.
• Inclusive: Accessible to families from all economic backgrounds.

Administration

The scheme will be managed by the Pension Fund Regulatory and Development Authority (PFRDA).

Significance

• Early Financial Security: Promotes an early start in securing the financial future of children.
• Government Commitment: Reflects the government's dedication to long-term financial security for future generations.