By Rajni Pandey | July 23, 2024
Union Finance Minister Nirmala Sitharaman, proposed a new pension scheme named ‘Vatsalya’ in the Union Budget 2024-25.
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The scheme is specifically designed for minors, providing them with an early start to financial planning and security.
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The scheme is specifically designed for minors, providing them with an early start to financial planning and security.
Image Credit: Canva
Upon reaching the age of majority (18 years), the minor's Vatsalya account can be effortlessly converted into a regular NPS account, ensuring continuity in their pension planning.
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The scheme aims to instill a sense of financial security and savings discipline from a young age, benefiting the minors in the long term.
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