The government launched the National Pension System in 2004, and in 2009 it was rolled out to all Indians. With NPS, you can save money for the long term through regulated market-linked instruments and build a corpus for your retirement. Recently, the government launched NPS Vatsalya, a contributory pension scheme designed specifically for minors. It is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA).
You can open an NPS account for your child and start saving for her pension at a very early age. With a minimum investment of ₹1,000 a year, you can introduce children to the concept of saving and investing and educate them on money management from an early age. "By encouraging early investment and providing a structured savings plan, NPS Vatsalya aims to build a robust financial foundation for young individuals," says Kurian Jose, CEO, Tata Pension Management.
This story is from the November 24, 2024 edition of THE WEEK India.
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This story is from the November 24, 2024 edition of THE WEEK India.
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