National desk
18 September
Sandeep Dhand Ludhiana
Finance Minister Nirmala Sitharaman today launched the NPS Vatsalya Yojana, a new initiative under the National Pension System (NPS) that allows parents to save for their children’s future. The scheme enables parents to open a pension account for children under 18 years of age. Once the child turns 18, the account will be transferred to their name, and the pension will begin at 60 years of age.
Parents can open a Vatsalya account online or by applying at a bank or post office. The minimum contribution required to start the account is Rs 1,000, with an annual payment of Rs 1,000 thereafter. This expanded NPS scheme offers a secure way for families to plan for their children’s long-term financial security.
Sitharaman highlighted that NPS has become a valuable platform for people to save while ensuring a stable income for the future. Over the last decade, Rs 13 lakh crore has been deposited under NPS, with 1.86 crore people registered in the scheme.