FM unveils NPS for children

Finance Minister Nirmala Sitharaman on Wednesday unveiled the NPS Vatsalya scheme announced in the Union Budget as a new pension plan for minors that parents and guardians can contribute to from their early years.

A minimum amount of ₹1,000 is needed to open accounts for minors under the scheme, and at least ₹1,000 must be contributed every year till the child turns 18 years of age, after which the account gets converted into a normal National Pension System (NPS) account.

Published - September 18, 2024 07:43 pm IST