News Desk, News Nation 360 : The National Pension System (NPS) has a ground-breaking project especially for minors that the Federal Bank is thrilled to announce: NPS Vatsalya. NPS Vatsalya, which the Indian government launched on September 18, 2024, promises to give kids a safe and adaptable retirement planning option while leveraging compound interest to build wealth over time. This scheme, which encourages financial inclusion and early financial planning, is available to families from all income backgrounds with a minimum annual commitment of just Rs. 1,000. With the diverse investing options provided by NPS Vatsalya, guardians can select between active and auto investments across a range of asset classes. The program guarantees professional handling of investments since it is run by respectable fund managers who are registered with the Pension Fund Regulatory and Development Authority (PFRDA). It is also a tax-efficient investment choice because subscribers are eligible for tax deductions under Sections 80 CCD (1) and 80 CCD (1B) of the Income Tax Act. Check out the NPS page for Federal Bank for additional details. Interested individuals can apply for NPS Vatsalya by visiting any of the designated Federal Bank branches or through the Bank’s online platform. Upon application, subscribers will receive a unique Permanent Retirement Account Number (PRAN) for all future transactions. More information can be found at https://www.federalbank.co.in/nps-vatsalya.
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