Designed specifically for children below 18 years of age, this pension scheme aims to instil a culture of saving and investment from an early age. By providing a structured framework for long-term wealth accumulation, NPS Vatsalaya not only offers parents a powerful tool to safeguard their children's financial well-being but also promotes the importance of financial literacy among the next generation.
Key features
This scheme will be regulated and overseen by the Pension Fund Regulatory and Development Authority of India (PFRDA). With this scheme, parents have the option to invest a minimum of 1,000 every year, with no maximum investment limit. Parents will manage the account until the child turns 18, at which point the account will be transferred into the child's name. The minor will be the sole beneficiary of the scheme. According to Kurian Jose, CEO, Tata Pension Management, by encouraging early investment and providing a structured savings plan, NPS Vatsalya aims to build a robust financial foundation for young individuals. "This innovative approach not only ensures that children receive the benefits of disciplined saving and compounding over time but also fosters a sense of financial responsibility from an early age," he says.
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