NPS-Vatsalya is a scheme for minor children to be contributed by parents and guardians. The scheme can be seamlessly converted into a normal NPS account when the minor attains majority.
NPS Vatsalya
– Photo : Amar Ujala Graphics
Expansion
Finance Minister Nirmala Sitharaman presented the budget during the monsoon session of Parliament. The special thing is that the Finance Minister has presented the budget for the seventh time. Many things were mentioned in this budget. Meanwhile, the ‘NPS-Vatsalya’ scheme was also announced. The Finance Minister said, ‘A scheme of contribution by parents and guardians for minor children will be launched as NPS-Vatsalya. The scheme can be seamlessly converted into a normal NPS account when the minor becomes an adult.’
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Finance Minister Nirmala Sitharaman announced
National Pension System (NPS) is a helpful pension scheme run by the Central Government. With the help of NPS, a fixed income comes into your account even after retirement. Under this scheme, you have to invest for a long period. Now you will also be able to invest in the name of your minor children under this scheme. The Central Government has named this additional scheme as ‘NPS-Vatsalya’. The Union Finance Minister announced this scheme while presenting the budget.
NPS- Vatsalya Scheme
Finance Minister Nirmala Sitharaman said that under the NPS-Vatsalya scheme, parents will be able to invest in the name of their minor child. After this, when the child becomes an adult, the parents can convert this scheme into NPS. NPS-Vatsalya scheme will prove to be very helpful in preparing a bright future for children.