#nirmalasitharaman #npsvatsalya #budgetpresentation #100daysonpmmodi #businessnews
Union Finance Minister Nirmala Sitharaman introduced the NPS Vatsalya scheme under the National Pension System (NPS) during the July 2024 Budget presentation. Designed specifically for parents and guardians to invest in the future of their minor children, this scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). The NPS Vatsalya scheme is open to all Indian citizens and Non-Resident Indians (NRIs). Legal guardians of minors are also eligible to open accounts on behalf of their wards. A key requirement is that the account be registered in the minor's name. Once the child reaches the age of 18, the account can be seamlessly converted into a regular NPS account, enabling long-term retirement savings.
The scheme allows parents to contribute towards building a substantial fund for their children’s future, with the potential for significant growth over time. While unveiling the plan, FM Sitharaman emphasized, "NPS Vatsalya enables contributions by parents for minors, with an easy transition to a regular NPS account at adulthood." This initiative aligns with the government's efforts to promote long-term financial planning for all sections of society.
#NPSForMinors #FinancialPlanning #FutureSavings #RetirementPlanning #PFRDA #Budget2024 #LongTermSavings #ChildrensFuture #GuardianInvestment #MinorAccounts #NRIs #PensionScheme #SecureFuture
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19 сен 2024
