Wed Sep 18 02:36:47 UTC 2024: ## Finance Minister Launches New Pension Scheme for Children: “NPS Vatsalya”

**New Delhi:** Finance Minister Nirmala Sitharaman will launch the new “NPS Vatsalya” scheme on Wednesday, aimed at securing the financial future of children. This initiative, announced in the Union Budget 2024, allows parents to contribute to a National Pension Scheme (NPS) account in their child’s name.

The scheme will be launched simultaneously across 75 locations in India, with Minister Sitharaman initiating the program in New Delhi. She will also launch an online platform for enrollment, release a scheme brochure, and distribute PRAN cards to new minor subscribers.

“NPS Vatsalya offers flexible contributions and investment options,” the Ministry of Finance stated. Parents can make a minimum annual contribution of Rs. 1,000, making it accessible to families of all income levels. The scheme is designed to cultivate long-term wealth through compounding and will be managed by the Pension Fund Regulatory and Development Authority (PFRDA).

“The launch of NPS Vatsalya highlights the Union government’s commitment to promoting long-term financial planning and security for all,” the Ministry added. Children will be able to withdraw a portion of their accumulated funds as a lump sum and receive the remainder as regular pension payments upon reaching retirement age.

Read More