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NPS Vatsalya Scheme

Kumari Sonali

NPS Vatsalya Scheme:

 

 

The finance minister recently made the announcement of a new pension scheme under the National Pension Scheme (NPS), called NPS Vatsalya.

  • NPS Vatsalya Scheme is a scheme under the National Pension Scheme (NPS).
  • It is designed to help parents and guardians plan for their children’s future financial needs.
  • Under this scheme, parents or guardians can open an account for their minor children and make contributions towards their retirement savings.
  • The funds will accumulate until the child turns 18.
  • Once the child reaches adulthood, the accumulated amount will be transferred to the standard NPS account.
  • This plan could be seamlessly converted into a non-NPS plan when the child becomes an adult.
  • The scheme operates similarly to the existing NPS.

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