Axis Bank Partners with PFRDA to Launch ‘NPS Vatsalya Scheme’ for Securing Children’s Financial Future
Varahimedia.com online news, National, 18 September 2024: Axis Bank, one of India’s top private sector banks, has collaborated with the Pension Fund
Varahimedia.com online news, National, 18 September 2024: Axis Bank, one of India’s top private sector banks, has collaborated with the Pension Fund Regulatory and Development Authority (PFRDA) to introduce the National Pension Scheme (NPS) – Vatsalya. This new scheme aims to ensure the long-term financial security of children below the age of 18. Announced by Hon. Finance Minister Nirmala Sitharaman during the 2024 Union Budget, this initiative is a significant step towards empowering families in securing their children’s financial future.
The official launch took place in Delhi, where Hon. Finance Minister Nirmala Sitharaman presented a symbolic Permanent Retirement Account Number (PRAN) to Ms. Lamba Karnam Aaditri from Hyderabad, who was selected by Axis Bank. As part of the NPS Vatsalya initiative, Axis Bank opened a total of 17 accounts, handing over symbolic PRANs to children. Senior officials from the bank also presented symbolic PRANs and opened accounts for 16 children in Bangalore and Ahmedabad.
Commenting on the initiative, Mr. Amitabh Chaudhry, MD&CEO of Axis Bank, said, “We are honored to be part of this mission led by the Government of India to build a pensioned India. The NPS Vatsalya Scheme offers a structured and flexible pathway for wealth creation, targeting the future generations of our country. This initiative will help parents and guardians from all socio-economic backgrounds access tools to secure their children’s financial future, providing a strong foundation for their aspirations.”
The NPS Vatsalya Scheme offers a variety of investment and pension fund options, allowing parents and guardians to invest in their child’s future. Once the child turns 18, their NPS Vatsalya account will automatically convert into a regular NPS account, providing lifelong benefits. To open an account, parents or guardians will need to submit essential documents, including KYC information, the child’s birth certificate, and proof of identity.
This initiative highlights Axis Bank’s commitment to promoting financial inclusion and securing the financial well-being of future generations. The NPS Vatsalya Scheme aligns with the bank’s vision of creating a strong pensioned India, ensuring long-term financial security for families nationwide.
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