IF YOU WANT a big post-retirement kitty for your child, start preparing early. The National Pension System (NPS) Vatsalya, launched on September 18 by Finance Minister Nirmala Sitharaman, may be something to look at. The scheme is designed specifically for young subscribers. It allows parents or guardians to start saving for their minor children with the option of converting the account into an NPS Tier 1 account once the child reaches adulthood.
“Under this scheme, parents can open and manage investment accounts on behalf of their minors, ensuring a structured approach to savings and investments. This not only instils a sense of financial discipline from a young age but also sets the stage for robust financial planning as children grow into adulthood,” says Rahul Bhagat, CEO at DSP Pension Fund Managers.
One of the key features of NPS Vatsalya is its versatility. It even allows grandparents, relatives, and other family members to contribute to the account, but on special occasions, such as birthdays, instead of giving traditional gifts.
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