Fri Sep 20 22:52:46 UTC 2024: ## NPS Vatsalya: Over 9,700 Children Enroll in New Pension Scheme on Launch Day

**New Delhi, September 19:** India’s new pension scheme for children under 18, NPS Vatsalya, received an overwhelming response on its launch day, with 9,705 minor subscribers enrolled. The scheme, which offers a minimum annual contribution of Rs. 1,000 and pension benefits upon reaching the age of 60, saw significant interest from both online and offline channels.

Out of the total subscriptions, 2,197 accounts were opened through the e-NPS portal alone. The scheme is accessible through various Points of Presence (PoPs) including major banks, India Post, Pension Funds, and the e-NPS platform.

Finance Minister Nirmala Sitharaman lauded NPS Vatsalya, calling it a significant step towards promoting long-term financial planning and security for all citizens. She emphasized the scheme’s contribution to intergenerational equity by providing financial cover to both older and younger family members.

“NPS Vatsalya is designed to inculcate the habit of savings among young subscribers and harness the power of compounding to accumulate substantial wealth,” said Ms. Sitharaman.

The scheme allows for multiple investment choices, including government securities, corporate debt, and equity, enabling subscribers to tailor their portfolio based on risk appetite and desired returns. Upon reaching the age of majority, the account can be smoothly transitioned into a regular NPS account.

**Meanwhile, the Indian stock market experienced a surge following positive economic indicators and inflows triggered by the FTSE review and the Bank of Japan’s rate decision. The BSE Sensex and Nifty reached record highs, with significant gains across sectors, reflecting a surge in investor confidence.**

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