Union Finance Minister Nirmala Sitharaman will announce the NPS Vatsalya program tomorrow, September 18, 2024, at 3 pm in New Delhi. This new program, announced in the Union Budget 2024-25, seeks to promote early financial planning for children by offering a structured platform for parents to ensure their children's financial future through the National Pension System (NPS).
The event will feature virtual participation from nearly 75 locations across the country, connecting schools and other institutions to the main launch in New Delhi. The launch will be attended by Deepak Mohanty Chairman of the Pension Fund Regulatory and Development Authority (PFRDA), Pankaj Choudhary, Minister of State for Finance, top finance ministry officials, and Nagaraju Maddirala, Secretary of the Department of Financial Services. As part of the initiative, new minor subscribers including schoolchildren will get Permanent Retirement Account Number (PRAN) cards.
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NPS Vatsalya enables parents to invest in their children futures with contributions starting at Rs 1,000 per year. The technique provides a number of investment alternatives that allow families from diverse economic backgrounds to build long-term wealth via the power of compounding. The Pension Fund Regulatory and Development Authority (PFRDA) manages the system which is intended to ensure financial stability for future generations.
Tomorrow's launch also includes the establishment of an online platform that will make the membership process easier for parents. An NPS-Vatsalya account can be opened for young children by any parent or guardian including Indian nationals, NRIs, and OCIs. The government's commitment to fostering financial independence and stability for future generations is demonstrated by this endeavour, which highlights the importance of beginning financial planning at a young age.
