Fri Sep 20 10:53:22 UTC 2024: ## New Pension Scheme for Children – NPS Vatsalya – Receives Overwhelming Response on Day 1

**New Delhi, September 19, 2024:** The much-anticipated National Pension System for children, NPS Vatsalya, launched by Union Finance Minister Nirmala Sitharaman on September 18th, has seen a resounding success with over 9,705 minor subscribers enrolling on its first day.

The scheme, overseen by the Pension Fund Regulatory and Development Authority (PFRDA), offers parents and guardians the opportunity to initiate long-term savings for their children, leveraging the power of compounding. This initiative, considered a significant milestone in India’s evolving pension landscape, attracted significant interest from both online and offline platforms.

According to PFRDA, 2,197 accounts were opened through the e-NPS portal alone, showcasing the scheme’s digital accessibility. The launch was streamed live on the Ministry of Finance and PFRDA’s YouTube channels, garnering over 15,723 views.

Each child enrolled in NPS Vatsalya receives a unique PRAN (Permanent Retirement Account Number), signifying their entry into the National Pension System.

The NPS Vatsalya scheme, much like the National Pension Scheme, aims to encourage long-term savings for minors. Open to all Indian citizens, including NRIs, the scheme allows guardians to establish savings accounts for their children, enabling them to secure their financial future.

To open an NPS Vatsalya account, parents or guardians can utilize the online platform (e-NPS) for a streamlined experience. Alternatively, they can visit one of the PFRDA-registered Point of Presence (POPs), including major banks, India Post, and Pension Funds.

**To open an account, individuals must submit the following documents:**

* **Date of Birth Proof:** Birth Certificate, School Leaving Certificate, Matriculation Certificate, PAN Card, or Passport of the minor.
* **KYC for Guardian:** Aadhaar Card, Driving License, Passport, Voter ID Card, NREGA job card, or National Population Register documentation.
* **Bank Account:** Non-Resident External (NRE) or Non-Resident Ordinary (NRO) bank account for the minor (solo or joint) in case of NRI guardians.

An initial contribution of Rs. 1,000 is required to activate the account and generate the PRAN.

The launch of NPS Vatsalya marks a significant step towards promoting financial literacy and securing the future of India’s youth.

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