Thu Sep 19 08:09:52 UTC 2024: ## New Pension Scheme for Minors Launched in Nagaland

**Kohima, Nagaland:** The New Pension Scheme (NPS) Vatsalya, a plan designed for minors, was launched in Nagaland on September 18th, 2024, via video conference. The scheme, launched by Union Finance Minister Nirmala Sitharaman, allows parents and guardians to start investing in pensions for their children at an early age.

The launch event, organized by the State Level Bankers’ Committee (SLBC) and NABARD, was held at the SLBC office in Kohima. The program was part of a nationwide launch across 75 locations, with the main event taking place in New Delhi.

The NPS Vatsalya scheme, announced during Budget 2024, encourages early investment in pensions. Upon reaching the age of majority, the account can be seamlessly transitioned into a regular NPS account. The scheme is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA).

Parents and guardians can open an NPS Vatsalya account with a minimum annual contribution of Rs. 1,000. The scheme targets students aged 8-18 years, and was attended by the SLBC in collaboration with NABARD across all states and Union Territories.

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