Wed Sep 18 12:51:55 UTC 2024: ## India Launches NPS Vatsalya Scheme to Secure Children’s Financial Future

**New Delhi, India** – Union Finance Minister Nirmala Sitharaman today launched the National Pension System (NPS) Vatsalya Scheme, a new initiative aimed at securing the financial future of children. The scheme was announced in the Union Budget 2024-25 and will be managed by the Pension Fund Regulatory and Development Authority (PFRDA).

The NPS Vatsalya scheme allows parents or guardians to open a pension account for their child with a minimum initial deposit of Rs. 1,000. A minimum of Rs 1,000 must be deposited annually until the child reaches the age of 18. There is no maximum limit on the amount that can be deposited into the account.

At the launch event, the Finance Minister distributed PRAN cards to new minor subscribers and released the scheme brochure. She also unveiled an online portal for subscribing to the NPS Vatsalya scheme. The launch was attended by school children, both physically in Delhi and virtually across India. Events were also held in nearly 75 locations across the country, with PRAN cards being distributed to new subscribers at each location.

Once a child reaches the age of 18, the NPS Vatsalya scheme can be converted into a non-NPS scheme, giving them full control over their account. The account also offers a partial withdrawal option, which can be availed three times.

The NPS Vatsalya Scheme is seen as a significant step towards strengthening India’s pension system and ensuring financial security for future generations. Parents and guardians are encouraged to enroll their children in this scheme to secure their financial futures.

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