NPS Vatsalya Sees Overwhelming Response with 9,700 Minors Enrolled at Launch

The NPS Vatsalya scheme, launched by Finance Minister Nirmala Sitharaman, saw the enrollment of 9,700 minor subscribers on its first day. Regulated by the Pension Fund Regulatory and Development Authority (PFRDA), this initiative encourages parents to start saving early for their children's retirement.

The NPS Vatsalya scheme saw a remarkable start, enrolling 9,700 minor subscribers on its first day. The initiative, launched by Finance Minister Nirmala Sitharaman on September 18, is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

This milestone represents a significant advancement in India's pension landscape, offering parents and guardians a mechanism to begin saving for their children's retirement at an early age by leveraging the power of compounding.

According to the PFRDA, the scheme garnered an enthusiastic response through various Points of Presence (PoPs) and thee-NPS portal, with 2,197 accounts being opened via the e-NPS portal alone.

(With inputs from agencies.)