New Delhi, July 29 -- In this year's Union Budget 2024, Finance Minister Nirmala Sitharaman introduced a new initiative - the NPS Vatsalya scheme. This scheme is designed to support long-term savings for minors. The scheme is a noteworthy government initiative aimed at fostering long-term savings for children. It enables parents and guardians to invest on behalf of minors, encouraging early financial planning.

NPS Vatsalya seeks to establish investing and saving habits at a young age. It lays the groundwork for the next generation to have a financially secure future by providing a platform for guardians and parents to invest on behalf of their children.

Once the minor reaches adulthood, parents can convert the account into a regular Nat...