NPS Vatsalya Scheme: Modi Government's New Initiative for Children's Pension – Full Details Here

The Indian central government has introduced various schemes aimed at supporting and empowering economically weaker sections of society. One such initiative is the NPS Vatsalya Yojana, launched by Finance Minister Nirmala Sitharaman on September 18, 2024. This scheme is designed to create a strong pension system specifically for children. Here are the full details:

Objective: The scheme seeks to establish a secure financial foundation for children, ensuring their self-reliance as they grow.

Pension Accounts for Children: Parents can open pension accounts in their children's names, contributing to their long-term financial stability.

Investment Flexibility: The NPS Vatsalya Plan allows parents to contribute as little as ₹1,000, making it accessible to families from diverse economic backgrounds.

Permanent Retirement Account Number (PRAN): Children enrolled in the scheme will be issued unique PRANs, simplifying the investment process.

Online Membership Platform: A dedicated online platform will be introduced to streamline the membership process, making it more convenient and accessible for parents.

Regulatory Framework: The scheme will be managed by the Pension Fund Regulatory and Development Authority (PFRDA), ensuring transparency and credibility.