Saving for the future and making plans for after retirement is important for everyone. For all these things, the Government of India is running many schemes. Keeping in mind the needs of the people, the Government of India has run different schemes for the people. One of these schemes is also Vatsalya Yojana. In this article, we will let you know about the Vatsalya Yojana.
What is Vatsalya Yojana?
Vatsalya Yojana was introduced by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25. Nirmala Sitharaman announced the launch of Vatsalya Yojana. Actually, Vatsalya Yojana has been run under the Pension Scheme i.e. NPS. Minor children will get the benefit of this scheme.
In this scheme, parents can invest in the name of their children, so that the future of their children can be secured. In this scheme, parents open accounts in the name of children under NPS Vatsalya Scheme. After the child turns 18, the account is converted into an NPS account.
These people will get the benefit of the scheme
Only those people can avail the benefits of this scheme, who are parents NRI, OCI and Indian citizenship and guardians are eligible. These parents can open NPS Vatsalya accounts for their minor children. Under the scheme, parents will have to invest regularly till the child turns 18 years old.
Also Read: Who Pays the Income Tax if a Child Earns? Find Out What the Income Tax Department Says
How to apply for the scheme
The Government of India has not yet provided much information about opening an account in NPS Vatsalya Yojana, but application in Vatsalya Yojana can be made only through the official website of NPS https://enps.nsdl.com/eNPS/NationalPensionSystem.