Why in news Finance Minister Nirmala Sitharaman announced a new pension scheme named ‘Vatsalya’ in her budget speech NPS Vatsalya It’s ...
Why in news
Finance Minister Nirmala Sitharaman announced a new pension scheme named ‘Vatsalya’ in her budget speech
NPS Vatsalya
It’s a National Pension Scheme (NPS) for minors
The scheme enables parents and guardians to initiate pension planning for their children by making contributions that accumulate until the child reaches 18 years old.
At that juncture, the accrued amount will be transferred to the standard NPS already established
It would ensure long-term financial security for children
On attaining the age of majority, the plan can be converted seamlessly into a non-NPS plan
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