{"id":130294,"date":"2024-09-06T19:27:29","date_gmt":"2024-09-06T13:57:29","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=130294"},"modified":"2024-09-09T15:42:04","modified_gmt":"2024-09-09T10:12:04","slug":"nps-vatsalya","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/nps-vatsalya","title":{"rendered":"NPS Vatsalya"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The government and pension regulator PFRDA plan to introduce NPS Vatsalya Soon.<\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>What is NPS Vatsalya?<\/b><\/span><\/h2>\n<ul>\n<li><b>Purpose:<\/b><span style=\"font-weight: 400;\"> It is part of the <\/span><b>government\u2019s broader effor<\/b><span style=\"font-weight: 400;\">t to encourage <\/span><b>early financial planning and savings<\/b><span style=\"font-weight: 400;\">, ensuring a <\/span><b>secure financial future for the next generation<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">NPS Vatsalya will be a <\/span><b>modified version of the National Pension System (NPS)<\/b><span style=\"font-weight: 400;\"> specifically designed for minors.<\/span><\/li>\n<li><b>Features:\u00a0<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Early Start:<\/b><span style=\"font-weight: 400;\"> It will allow parents\/guardians to open an NPS account for their <\/span><b>children\/wards <\/b><span style=\"font-weight: 400;\">and <\/span><b>contribute regularly towards a savings pool<\/b><span style=\"font-weight: 400;\"> until the minor turns <\/span><b>18.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Account Conversion: <\/b><span style=\"font-weight: 400;\">When the minor turns 18, the account can be converted into a regular NPS account. Then, the beneficiary will have the autonomy to manage the account and decide on the investment strategy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Minimum Investment: <\/b><span style=\"font-weight: 400;\">Parents can start with a modest monthly contribution of Rs. 500 or an annual contribution of Rs. 6,000.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/www.pw.live\/batches\/upsc\/pw-only-ias?utm_source=seo+upsc+batch&#038;utm_medium=seo+upsc&#038;utm_campaign=seo&#038;utm_id=upsc\" target=\"_blank\" rel=\"nofollow noopener\">Enroll now for UPSC Online Classes<\/a><\/span><\/p>\n<table style=\"width: 99.9987%;\">\n<tbody>\n<tr>\n<th style=\"width: 100%; border-style: solid; border-color: #000000; background-color: rgba(184, 165, 217, 0.53); text-align: left; vertical-align: middle;\">\n<h3><span style=\"font-size: 16pt; color: #000000;\"><b>About Pension Fund Regulatory &#038; Development Authority<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">PFRDA is an authority set up by the Government of India through the <\/span><b>PFRDA Act 2013\u00a0<\/b><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">To promote<\/span><b> old age income security<\/b><span style=\"font-weight: 400;\"> by <\/span><b>establishing, regulating and developing pension funds <\/b><span style=\"font-weight: 400;\">to protect the <\/span><b>interest of subscribers to schemes of pension funds.<\/b><\/span><\/li>\n<\/ul>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<table style=\"width: 99.9269%;\">\n<tbody>\n<tr>\n<td style=\"width: 137.803%; 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