Nirmala Sitharaman To Introduce National Pension System Vatsalya Scheme Today

Finance Minister Nirmala Sitharaman on Wednesday (September 18, 2024) launched the NPS Vatslya scheme, which will allow parents to save for their children’s future by investing in a pension account.

Parents can subscribe to NPS Vatsalya online or visiting a bank or post office. The minimum contribution to open the Vatsalya account is ₹1,000. Subscribers will have to contribute ₹1,000 annually thereafter.

The guidelines for withdrawal from the NPS accounts are being finalised.

Launching the scheme, Ms. Sitharaman said NPS has generated very competitive returns and offers the option to people to save while ensuring future income.