They enlightened the students about NPS Vatsalya
KARIMNAGAR, SEPTEMBER 19, 2024: The Karimnagar District Cooperative Central (KDCCB) in association with National Bank for Agriculture and Rural Development (NABARD) has formally launched an awareness programme on the newly announced National Pension Scheme (NPS) Vatsalya scheme to the children below 18 years of age.
The awareness programme was organised at the Government Old High School, in Karimnagar town on Thursday. Lead District Manager Anjaneyulu, NABARD DDM Jayaprakash, KDCCB AGM G Mahesh, Karimnagar DCCB main branch manager K Sunil, DCCB Financial Literacy campaign counselor Shiva, school teachers Linga Reddy, Jagadeshwar Rao and others were also present.
Speaking on the occasion, LMD Anjaneyulu said that the NPS Vatsalya scheme will allow parents to save for their children’s future by investing in a pension account. Parents can subscribe to NPS Vatsalya online or visiting a bank or post office. The minimum contribution to open Vatsalya account is Rs 1,000. Subscribers will have to contribute Rs 1,000 annually thereafter and there is no limit on the maximum contribution, he stated.
He said that all minor citizens (age below 18 years) are eligible for the NPS Vatsalya and the account can be opened in the name of minor and operated by parent or guardian. Minor will be the beneficiary. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account. He said that the opening NPS Vatsalya account a Permanent retirement account number (PRAN) cards will be distributed to minor subscribers.
NABARD DDM Jayaprakash said this saving-cum-pension scheme is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA) and is designed to allow parents to invest in a pension account for their minor children. An account can be opened in the name of the minor, but it must be operated by a guardian, ensuring that the minor is the sole beneficiary of the funds, he added. The DCCB officials called upon the students to inform their parents and open NPS Vatsalya for a bright future income. The DCCB officials distributed pens and chocolates to the students.
