NPS Vatsalya: A New Financial Plan for Minor Children Introduced in Union Budget 2024
Tuesday, 23 July 2024, 08:44
NPS Vatsalya: Overview
In the Union Budget 2024, Finance Minister Nirmala Sitharaman introduced a novel financial scheme called NPS Vatsalya, aiming to support minor children and their guardians. This scheme is a part of the National Pension Scheme (NPS) and is intended for parents who wish to invest in their child's future.
Key Features of NPS Vatsalya
- This plan allows contributions to be made by parents and guardians for their minor children.
- Upon reaching adulthood, the NPS Vatsalya account can transition into a non-NPS plan.
- The initiative aims to establish a secure financial future for minors.
The introduction of NPS Vatsalya is a significant step in financial planning for families, providing a structured approach to savings and investment for the younger generation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.