Rapid Fire
NPS Vatsalya Scheme
- 20 Sep 2024
- 1 min read
Recently, the Union Finance Minister unveiled the NPS Vatsalya scheme announced in the Union Budget as a new pension plan for minors.
- Under the scheme, the Vatsalya account requires a minimum initial contribution of Rs 1,000 to open. Subscribers must make an annual contribution of Rs 1,000 each year to maintain the account.
- Upon reaching adulthood (18 years), the account is automatically converted into a standard National Pension System (NPS) account. Pension will come from the account only after they turn 60.
- It is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA) and Permanent Retirement Account Number (PRAN) cards will be issued to newly registered minor subscribers.
Read More: Union Budget 2024-2025, National Pension System
