A new and dedicated scheme ‘NPS Vatsalya Yojana’ under National Pension Scheme (NPS) was launched in New Delhi on Tuesday. In pursuance of the announcement made in the Union Budget 2024-25, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched NPS Vatsalya Yojana, a pension scheme for minors, in New Delhi on Wednesday. Minister of State for Finance Pankaj Choudhary also attended launch event and addressed the gathering. Secretary, Financial Services and Chairman PFRDA were also present among other guests. NPS Vatsalya launch event was organised simultaneously at 75 locations across the country, where more than 250 Permanent Retirement Account Number (PRAN) cards were distributed. The event was enthusiastically attended by school children at all the locations. During the event, the Union Finance Minister launched an online platform for subscription to NPS Vatsalya, released the scheme brochure and PRAN cards to minor subscribers from across the country. These minor subscribers came from different parts of the country.

 

It is envisaged that this scheme will inculcate the habit of saving among young subscribers at an early age and through the power of compound interest, NPS Vatsalya subscribers will be able to accumulate large amounts. NPS Vatsalya Yojana is expected to form the basis of social security in developed India in 2047. The contributory nature of the scheme will ensure inter-generational equity without putting any burden on future revenues. As per information, through NPS Vatsalya Yojana, parents can save for their child’s future by investing in a pension account. This scheme uses the power of compounding to create wealth in the long term. It has many investment options. Parents can start investing in their child’s name with as little as Rs 1,000 annually. This makes the scheme accessible to all sections of the society. The scheme promotes inclusiveness and financial security.

 

In continuation of the above program, on Wednesday State Level Bankers Committee, Madhya Pradesh organized a program on NPS Vatsalya Yojana at Model School, TT Nagar, Bhopal and distributed about 15 PRAN cards to minor customers from all over Bhopal. SLBC Convenor, Tarsem Singh Jeera and Principal Rekha Sharma of Model School Bhopal attended the launch program and addressed the gathering. A puppet show was also organised to create awareness about NPS Vatsalya Yojana among the minor customers, students and their parents who attended the programme.

 

In Chhindwara also, a programme was organised on the occasion by leading bank of the district, Central Bank of India, in the conference hall of Delhi Public School. Regional Head of Central Bank of India Kumar Utkarsh, LDM Ajay Kumar, Sweta of NABARD, Ram Sahay Prajapati of Central Communication Bureau Regional Office, Principal Habib Khan of Delhi Public School, along with a large number of bank employees, school staff and children and their parents from all over the district were present in the programme. The programme was addressed by Central Bank of India Regional Head Kumar Utkarsh. Similarly, a programme was organised on the occasion in Shahdol too.