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NPS Vatsalya Scheme: Pension accounts of minors can now be opened in the country, so that a large fund can be created for them in the long term and their future can be financially secure. Finance Minister Nirmala Sitharaman has launched the NPS Vatsalya Yojana for minors. Through this scheme, people of such age who were deprived of it till now will be able to get pension benefits. Minors will also be able to get pension benefits through this scheme.
Pran cards were distributed to 9 children
Along with the launch of NPS Vatsalya Yojana, Finance Minister Sitharaman also distributed permanent retirement account numbers to a total of nine children. In her address, the Finance Minister appealed to the parents and said, whenever you go to a child's birthday celebration, contribute to that child's NPS Vatsalya account, this will help in creating a big fund for the child in the coming days. The Finance Minister said that if there was a scheme like NPS Vatsalya in the earlier times, then today's senior citizens would also have got the benefit of pension. The Finance Minister said, through NPS Vatsalya, the trend of investment and savings will increase among the parents.
Regular NPS account will be opened when one attains majority
NPS Vatsalya Yojana will be run under the Pension Fund Regulatory and Development Authority (PFRDA). On this occasion, PFRDA Chairman Deepak Mohanty said in his address, earlier it was believed that pension is for government employees. But after the arrival of NPS, it became available to private sector employees and common people. And now children can also be linked to pension through NPS Vatsalya Yojana. He told that after the minor becomes an adult, NPS Vatsalya will be converted into a regular NPS account and on getting employment, it can be ported to the NPS account of the workplace.
Deepak Mohanty said, pension assets are long term assets, if it is fully capitalized then its big benefit can be seen in the form of investment and economic growth. 31 percent of the population is below 18 years of age. If retirement planning is started early then it can be of great benefit. In such a situation, the need for a pension scheme was felt so that the trend of investment and savings could be developed.
What is NPS Vatsalya Plan?
Under the NPS Vatsalya scheme, parents will be able to save for their children's future by investing in a pension account, so that a large sum can be created for them in the long term. NPS Vatsalya offers flexible contribution and investment options. Parents can invest a minimum of Rs 1,000 annually in the name of the child.
How and where to open NPS Vatsalya account
NPS Vatsalya Account can be opened with an annual contribution of just Rs 1000.
NPS Vatsalya Account can be opened by visiting the bank branches or even online.
The facility of opening NPS Vatsalya account will also be available in post offices and PFRDA offices.