NPS Vatsalya launch
today: Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs, has launched the NPS Vatsalya scheme today, following the announcement made in the
Union Budget 2024-25
.
The NPS Vatsalya launch included the introduction of an online platform for subscribing to NPS Vatsalya, the release of the scheme brochure, and the distribution of Permanent Retirement Account Number (PRAN) cards to new minor subscribers.
Simultaneously, NPS Vatsalya events were organized at approximately 75 locations across the country, with other locations joining the launch through video conference and distributing PRAN membership to new minor subscribers in their respective areas.
The launch event was attended by school children, emphasizing the scheme’s focus on securing the financial future of the younger generation.
What is NPS Vatsalya?
NPS Vatsalya
is a significant initiative aimed at ensuring the financial security of children from an early age, marking a crucial development in India’s pension system.
- Individuals who have not yet reached the age of 18 are eligible to subscribe to this service.
- The registration process is straightforward and offers various methods, including Aadhaar, Digilocker etc.
- This service is also available to Non-Resident Indians (NRIs) and Overseas Citizen of India (OCI) cardholders.
- For NRI and OCI subscribers, contributions can be made from their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts.
- After the minor reaches 18 years of age, the NPS Vatsalya account is converted into a regular NPS account
The benefits of NPS Vatsalya are twofold:
NPS Vatsalya enables parents to save for their children’s future by investing in a pension account, harnessing the benefits of compounding for long-term wealth.- It offers flexible contribution and investment options, allowing parents to invest as little as Rs 1,000 annually in their child’s name, making it accessible to families from all economic backgrounds.
How To Open NPS VatsalyaThe online platform (eNPS) is the fastest way to open an NPS Vatsalya account. It allows you to set up the account and make additional contributions with ease. You can open the NPS Vatsalya account on any of these websites:
- https://enps.nsdl.com/eNPS/NPSVatsalyaPensionSystem.html
- https://app.camsnps.com/CRA/auth/enps/register?source=eNPS
- https://nps.kfintech.com/registration/subscriberRegistration/Minor
The scheme will operate under the Pension Fund Regulatory and Development Authority (
PFRDA
).
According to the Ministry of Finance, the launch of NPS Vatsalya is a substantial step towards creating a more financially secure and independent future for India’s younger generations.
