ICICI Bank announced the launch of NPS Vatsalya, a pension program targeted at protecting children’s financial future, at its service location in BKC, Mumbai, Maharashtra.
The Union Budget 2024-2025 suggested a new pension program that will be overseen by the Pension Fund Regulatory and Development Authority (PFRDA). It permits parents/guardians to contribute for the minor until they reach adulthood. When the individual reaches the age of 18, they can turn it into a regular NPS account.
This initiative was announced by ICICI Bank in New Delhi as part of the government’s formal rollout across the country by Honourable Finance Minister Smt. Nirmala Sitharaman.
Sriram H., Head – Deposit Products, ICICI Bank said, “We are delighted to be part of the NPS Vatsalya launch scheme with the Government of India and PFRDA. We have begun this journey by opening our first set of NPS Vatsalya accounts today. We have equipped all ICICI Bank business centres across the country to open the NPS Vatsalya account for customers. This account helps in long-term wealth creation, ensuring that by the time the minor becomes an adult, there is a financial corpus in place for them.”
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ICICI Bank marked the start of the scheme by creating accounts for a few children under NPS Vatsalya. They were also given a symbolic Permanent Retirement Account Number (PRAN) card for their NPS Vatsalya account.
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