NPS Vatsalya, a new scheme for children's retirement savings, saw over 9,700 minors enrolled on launch day. Parents can start saving early for their children's future.
Photograph: PTI Photo from the Rediff Archives
New Delhi, Sep 20 (PTI) About 9,700 minor subscribers have been enrolled under NPS Vatsalya on the day of the launch of the scheme earlier this week.
The scheme, regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA), provides an opportunity to parents and guardians to start saving for their children's retirement early by harnessing the power of compounding, marking a significant milestone in India's evolving pension landscape.
In a landmark government initiative aimed at securing the financial future of India's youth, Finance Minister Nirmala Sitharaman officially launched the NPS Vatsalya Scheme on September 18, fulfilling a key Union Budget 2024-25 announcement.
On the day of the launch, NPS Vatsalya received an overwhelming response, as 9,705 minor subscribers have been enrolled under the scheme through various Points of Presence (PoPs) and thee-NPS portal, PFRDA said in a statement on Friday.
Out of this, 2,197 accounts were opened through e-NPS portal alone, it said.
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