NPS Vatsalya launched
If till now you were depositing money only for your pension, now the government has started such a facility where you can secure your children’s future. Not only this, we can also manage your pension. When Finance Minister Nirmala Sitharaman presented the budget for the financial year 2024-25 in July 2024, she announced the launch of the ‘NPS Vatsalya’ scheme. This scheme was launched on Wednesday.
Finance Minister Nirmala Sitharaman has launched the NPS Vatsalya scheme. Under this scheme, parents have been given the opportunity to save for their children’s future by investing in a pension account.
The account will be opened with a minimum of Rs 1000.
The government has started this scheme under the National Pension System (NPS). Parents can open an account for NPS Vatsalya Yojana online or by visiting the bank or post office. To open an NPS Vatsalya account, you will need to invest at least Rs 1,000. After this, shareholders will need to contribute Rs 1,000 per year.
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However, the rules on how withdrawals will be made from NPS Vatasalya accounts are still being decided. So, it is not yet clear whether their withdrawal will be the same as in NPS or some different arrangement will be made.
You will get tremendous returns and guaranteed income.
Introducing the NPS Vatsalya scheme at a programme here, Finance Minister Nirmala Sitharaman said that this pension scheme has given very competitive returns. This will give people the option to save and at the same time ensure future income.
In the last 10 years, 1.86 crore people have availed NPS. Under this, there is now a total fund of Rs 13 lakh crore. NPS Vatsalya Yojana is an extension of the already running NPS scheme for children. Under this, accounts can be opened for children below the age of 18 years and once they turn 18, they will automatically be converted into a regular NPS account.
However, the pension in the account opened under the NPS Vatsalya Yojana will be received only after attaining the age of 60. Nirmala Sitharaman said that NPS has achieved returns of 14 per cent, 9.1 per cent and 8.8 per cent on investments in equity, corporate debt and government bonds respectively.
