Wed Sep 18 14:12:41 UTC 2024: ## Kohima Joins Nationwide Launch of NPS Vatsalya Scheme

**Kohima, [Date]** – Kohima today joined the nationwide launch of the NPS Vatsalya scheme, a new pension plan for minors, with a program held at the SLBC Office. The event, jointly organized by the State Level Bankers Committee (SLBC) and the National Bank for Agriculture and Rural Development (NABARD), saw the participation of local SLBC member banks and 20-30 students aged 8 to 18.

The NPS Vatsalya scheme, launched by Union Finance Minister Nirmala Sitharaman on September 18, aims to encourage early investment in pension for children. Under the scheme, parents or guardians can contribute to a pension plan on behalf of their minor children. Upon reaching adulthood, the plan seamlessly converts to a regular NPS account.

“NPS Vatsalya is a great opportunity for parents to secure their child’s future,” said H. Lalhlimpuia, Chief Manager of the SLBC. “By starting early, children can enjoy the benefits of compounding and build a strong retirement nest egg.”

The scheme is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA). An NPS Vatsalya account can be opened with a minimum contribution of Rs 1,000/- (no maximum) and subsequent minimum annual contributions of Rs 1,000/- (no maximum).

Chitebuni from NABARD chaired the program and conducted a quiz for the participating students.

Read More