Union Finance Minister n will unveil the NPS-Vatsalya scheme on September 18 in Delhi. The launch event will be attended by Deepak Mohanty, Chairman of the Pension Fund Regulatory and Development Authority (PFRDA), Minister of State for Finance Pankaj Choudhary, and other senior finance ministry officials, including Nagaraju Maddirala, Secretary of the Department of Financial Services.
The NPS-Vatsalya scheme is designed for parents and guardians to open accounts for their minor children, allowing contributions towards their retirement savings from an early age. Upon reaching adulthood, the account can be converted into a regular National Pension System (NPS) account, facilitating a smooth transition into long-term retirement planning.
“This scheme provides flexibility and a head start in retirement savings,” FM Sitharaman stated during her budget speech in July. “Parents can begin with contributions as low as ₹500 monthly or ₹6,000 annually, harnessing the power of compounding over time.”
Additionally, FM Sitharaman will also launch the NPS-Vatsalya scheme at remote locations via video conference. The initiative is open to all Indian citizens, NRIs, and OCIs, aiming to make retirement planning accessible from infancy.
