Pune: Finance Minister Nirmala Sitharaman inaugurated the Central Government’s ambitious ‘NPS Vatsalya’ scheme, aimed at securing the future of children through a structured pension plan. The event, held in Delhi, was broadcast live to Pune, where local dignitaries gathered to mark the launch of the scheme.
The inauguration in Pune took place at Siddhi Banquet Hall, near Mhatre Bridge, under the joint coordination of the Bank of Maharashtra and the State-Level Bankers Committee of Maharashtra. Pune Zilla Parishad CEO Santosh Patil, along with high-ranking officials from various banks and financial institutions, attended the event.
A unique puppet show was organized to explain the features of the ‘NPS Vatsalya’ scheme to the attendees. Finance Minister Nirmala Sitharaman’s live address from Delhi’s Vigyan Bhavan was also broadcast, highlighting the significance of this scheme for the financial future of minors.
During the event, Pune Zilla Parishad CEO Santosh Patil emphasized the scheme's importance, stating, “The 'NPS Vatsalya' reflects love and care, and it will provide security for children’s futures.” Patil explained how pension plans were once exclusive to government employees, but schemes like the NPS have expanded those benefits to private employees.
With ‘NPS Vatsalya’, the scope has now widened to include minors, ensuring that they are financially prepared for the future.
Chitra Datar, General Manager of Bank of Maharashtra, encouraged parents to take advantage of this new opportunity, calling for the opening of more accounts under the scheme for children.
The 'NPS Vatsalya' scheme is designed for children aged 0 to 18 years. Parents can open a pension account in their child’s name with a minimum monthly contribution of ₹1,000.
There is no limit on the annual deposit. Parents will manage the account until the child reaches 18, after which the child will take ownership. At 18, the account can either be converted into a regular NPS account or a similar non-NPS pension plan.
