Who administers and regulates the NPS Vatsalya scheme launched in September 2024?
Show answer & explanation
Correct answer: C
Explanation
Pension Fund Regulatory and Development Authority (PFRDA) -
NPS Vatsalya Scheme
Launched by Union Finance Minister Nirmala Sitharaman in September 2024, this scheme is a significant initiative to financially secure the future of children.
Administration and Regulation: The scheme is fully managed by the Pension Fund Regulatory and Development Authority (PFRDA).
Eligibility: This scheme is for minors under the age of 18. A parent or guardian can open an account in their child's name.
Conversion: Once the child turns 18, this account can be easily converted to a regular NPS (National Pension System) account.
Investment: One can start with a minimum investment of ₹1,000 per year.