NPS Vatsalya Scheme for minors was introduced during the Budget 2024. What is NPS Vatsalya Scheme? What are the tax benefits of the NPS Vatsalya Scheme?
“I want to leave my children enough so that they can do anything, but not so much that they can do nothing.” – Warren Buffett
The above quote of Warren Buffet gives us lot of thoughts on how much we have to accumulate for our kids.
Please be reminded that the NPS Vatsalya Scheme was introduced in the Budget speech of 2024. At present, the full specifics of the NPS Vatsalya Scheme have not been disclosed. Nevertheless, one can infer based on the existing information. Therefore, I decided to compose this article.
What is NPS Vatsalya Scheme?
During her Budget 2024 speech, Finance Minister Nirmala Sitharaman put forward the introduction of a new scheme called NPS Vatsalya. This scheme is designed to be a National Pension Scheme (NPS) specifically for minors, enabling parents to make contributions on…