Thu Sep 19 18:08:52 UTC 2024: ## ICICI Bank Launches NPS Vatsalya, a Pension Scheme for Children

**Mumbai, India** – ICICI Bank today launched NPS Vatsalya, a new pension scheme aimed at securing the financial future of children, at its service centre in Bandra Kurla Complex (BKC). The scheme, operating under the Pension Fund Regulatory and Development Authority (PFRDA), was announced by the government in its first budget in July.

NPS Vatsalya allows parents or guardians to build a corpus for their minor children until they turn 18. Upon reaching adulthood, the subscriber can convert the account into a regular NPS account.

This launch aligns with the government’s formal nationwide rollout of the scheme today, led by Finance Minister Nirmala Sitharaman in New Delhi. ICICI Bank commemorated the occasion by opening NPS Vatsalya accounts for several children and providing symbolic Permanent Retirement Account Number (PRAN) cards.

“We are proud to partner with the Government of India and PFRDA in launching NPS Vatsalya,” said Sriram H, Head-Deposit Products at ICICI Bank. “This scheme offers a long-term wealth creation solution, ensuring children have a financial safety net when they become adults.”

ICICI Bank has equipped all its business centres across India to facilitate account openings for NPS Vatsalya.

**Key features of the ICICI Bank Vatsalya NPS account:**

* **Long-term wealth creation:** Parents can start building a corpus for their children’s future financial security.
* **Account conversion:** At age 18, the account converts into a regular NPS account, allowing the beneficiary to continue building their retirement savings.

**About ICICI Bank:**

ICICI Bank is one of India’s largest private sector banks, offering a wide range of financial products and services to individuals and businesses.

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