Question
The government has recently announced that the minors
can also subscribe to the NPS scheme. What is the name of the scheme of NPS for minors?Solution
(NPS Vatsalya) scheme was announced in the Union Budget 2024-25 on July 23, 2024. It is an innovative pension scheme designed exclusively for minors, marking a significant advancement in financial planning and setting a new standard for prudent financial management from a young age . Under the NPS Vatsalya scheme, all minor citizens up to the age of 18 are eligible to open an account. The account is opened in the name of the minor and managed by their guardian until the child reaches adulthood, ensuring that the minor remains the sole beneficiary throughout the process.
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