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
Disclaimer: The copyright of this article belongs to the original
author. Reposting this article is solely for the purpose of information
dissemination and does not constitute any investment advice. If there is
any infringement, please contact us immediately. We will make
corrections or deletions as necessary. Thank you.