Over 100 students of two schools in Meghalaya took part in an interactive session designed to educate them about the importance of financial planning and the benefits of the National Pension System (NPS).
Two sessions were held yesterday, ahead of the official launch of the NPS Vatsalya Scheme today by Union Finance Minister Nirmala Sitharaman.
The session with students of Kelian Memorial School and Grace Academy School, Upper Lachumiere was conducted by the State Level Bankers’ Committee (SLBC) Meghalaya and NABARD.
The officially launched NPS Vatsalya Scheme aimed at promoting financial literacy and savings among the youth of India. It is an extension of the existing National Pension Scheme.
Managed by the Pension Fund Regulatory and Development Authority (PFRDA), the scheme will be focused on children and the investment made in this account will be to ensure long-term wealth.
Under the scheme, parents can start saving for their child’s retirement fund.
It functions similarly to the current NPS, which assists people in building a retirement fund by contributing consistently throughout the course of their careers. In contrast to conventional fixed-income alternatives, NPS contributions are invested in market-linked securities like equities and bonds, which could yield higher returns.
Meanwhile, as part of the launch, the union minister introduced an online platform for subscribing to the scheme and released the official brochure. Additionally, she also distributed Permanent Retirement Account Number (PRAN) cards to new minor subscribers during the event.