Wed Sep 18 10:52:28 UTC 2024: ## ICICI Bank Launches NPS Vatsalya, a Pension Scheme for Children

**Mumbai, India** – ICICI Bank today launched NPS Vatsalya, a new pension scheme designed to secure the financial future of children. The scheme, which falls under the Pension Fund Regulatory and Development Authority (PFRDA), was announced in the Union Budget 2024-2025.

NPS Vatsalya allows parents or guardians to contribute to a pension account for their minor children until they turn 18. Upon reaching adulthood, the child can convert the account into a standard NPS account.

The scheme was officially launched nationwide by Finance Minister Smt. Nirmala Sitharaman in New Delhi, with ICICI Bank joining the initiative. “We are thrilled to be part of the NPS Vatsalya launch scheme,” said Mr. Sriram H., Head – Deposit Products, ICICI Bank. “This account helps in long-term wealth creation, ensuring financial security for children by the time they reach adulthood.”

ICICI Bank inaugurated the launch by registering accounts for several children under NPS Vatsalya, who received symbolic Permanent Retirement Account Number (PRAN) cards.

**Key Features of NPS Vatsalya:**

* **Eligibility:** Any minor under 18 years of age with a PAN card and Aadhaar card.
* **Minimum Contribution:** ₹1,000 per year. There is no maximum contribution limit.
* **Contributors:** Parents/guardians can contribute on behalf of their children.
* **Transition at 18:** The minor’s NPS account will automatically transition to a standard NPS account after they turn 18, upon submission of required KYC documents.

Customers interested in registering for NPS Vatsalya can visit their nearest ICICI Bank branch.

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