NPS Vatsalya Launch: Apart from bank branches, NPS Vatsalya account can also be opened online and in post offices.
NPS Vatsalya Scheme: Pension accounts of minors can now be opened in the country so that a large corpus can be created for them in the long term and their future can be secured financially. Finance Minister Nirmala Sitharaman has launched the NPS Vatsalya Scheme for minors. Through this scheme, people of such age who were deprived of it till now can be linked with pension benefits. Through this scheme, minors can also be linked with pension benefits.
PRAN cards distributed to 9 children
Finance Minister Sitharaman also distributed Permanent Retirement Account Numbers to a total of nine children along with the launch of NPS Vatsalya Yojana. In her address, the Finance Minister appealed to the parents and said, whenever you go to a child’s birthday celebration, contribute to that child’s NPS Vatsalya account, this will help in creating a large corpus for the child in the coming days. The Finance Minister said that if there was a scheme like NPS Vatsalya in the earlier times, then the senior citizens of today would also have got the benefit of pension. The Finance Minister said, through NPS Vatsalya, the tendency of investing and saving will increase among the parents.
Regular NPS account will be created on attaining adulthood
NPS Vatsalya scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA). On this occasion, PFRDA Chairman Deepak Mohanty said in his address, earlier it was believed that pension is for government employees. But after the advent of NPS, it became available to private sector employees and common people. And now children can also be linked with pension through NPS Vatsalya scheme. He told that, after the minor becomes an adult, NPS Vatsalya will be converted into a regular NPS account and on getting employment, it can be ported to the NPS account of the workplace.
Deepak Mohanty said, pension assets are long term assets, if it is fully capitalized then its big benefit can be seen in the form of investment and economic growth. 31 percent of the population is below 18 years of age. If retirement planning is started early then it can be of great benefit. In such a situation, the need for a pension scheme was being felt so that the tendency of investment and savings can be developed.
What is NPS Vatsalya Scheme
Under the NPS Vatsalya Scheme, parents will be able to save for their children’s future by investing in a pension account so that a large corpus can be created for them in the long term. NPS Vatsalya provides flexible contributions and investment options. Parents can invest at least Rs 1,000 annually in the name of the child.
How and where will NPS Vatsalya account be opened
NPS Vatsalya account can be opened with an annual contribution of only Rs 1000.
NPS Vatsalya account can be opened by visiting bank branches or even online.
Facility to open NPS Vatsalya account will also be available in post offices and PFRDA offices.
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