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The budget 2024 presented by the Union Finance Minister Smt. Nirmala Sitharaman on 23 July 2024, introduced a new scheme called NPS Vatsalya, which encourages long-term savings for children by their NPS subscribing parents. Under this scheme, parents and guardians can contribute to the NPS account of minor children below the age of 18. Once the child turns 18, the plan can be seamlessly be converted into a regular NPS account.
References
edit<ref>https://timesofindia.indiatimes.com/business/india-business/latest-nps-rules-2024-how-much-tax-will-you-save-with-new-nps-contribution-benefit-under-new-regime-after-budget-2024/articleshow/111987840.cms<ref> <ref>https://www.moneycontrol.com/news/business/personal-finance/nps-vatsalya-a-new-savings-scheme-for-minors-with-major-shortcomings-12776393.html<ref>