<p>The Pension Fund Regulatory and Development Authority (PFRDA) has revised the charges imposed by Central Recordkeeping Agencies (CRAs). How will this decision impact the subscribers of the National Pension System (NPS), NPS-Vatsalya, Unified Pension Scheme (UPS),&nbsp;</p><p>NPS-Lite, and the Atal Pension Yojana (APY)?</p><p>&nbsp;</p><p>According to reports, the charges will be revised from October 1. It will cover the maintenance of accounts -- both online and offline. PFRDA has applied a cap to the charges. However, CRAs may choose&nbsp;to keep their rates low. However, despite the changes, the prices remain nominal.</p><h2>Here are the revised charges for government sector NPS and UPS subscribers</h2><p>PRAN opening charge has become Rs 18 for an e-PRAN kit, which is the default option. If one wants a physical PRAN card, they would have to pay Rs 40.</p><p>&nbsp;</p><p>An annual maintenance charge of Rs 100 will be imposed on all accounts. However, transaction charges will remain nil.</p><p>&nbsp;</p><p>Accounts that don't have any balance will not attract a maintenance charge.</p><p>&nbsp;</p><p>Those who have subscribed to APY and NPS-Lite will pay a PRAN opening charge of Rs 15. They will pay an annual maintenance charge of Rs 15.</p><p>&nbsp;</p><p>There won't be any transaction charge.</p><p>&nbsp;</p><p>NPS and NPS-Vatsalya subscribers from the private sector will pay a PRAN creation charge of Rs 18 for the e-kit and Rs 40 for the physical card. The annual maintenance charge will depend on the subscriber’s corpus size.</p><h2>Check new charges</h2><p>For Rs 1 lakh, there won't be any charge.&nbsp;</p><p>For Rs 1-2 lakh, she will have to pay Rs 100.</p><p>For Rs 2-10 lakh, Rs 150 will be charged.</p><p>For Rs 10,00,001–25 lakh, Rs 300 will be charged.</p><p>For a Rs 25-50 lakh charge, Rs 400 will be charged.</p><p>Rs 50 lakh and above will attract a charge of Rs 500.</p>

PFRDA's new charges for NPS, UPA and APY: PRAN opening charge has become Rs 18 for an e-PRAN kit, which is the default option. If one wants a physical PRAN card, they would have to pay Rs 40.

The Pension Fund Regulatory and Development Authority (PFRDA) has revised the charges imposed by Central Recordkeeping Agencies (CRAs). How will this decision impact the subscribers of the National Pension System (NPS), NPS-Vatsalya, Unified Pension Scheme (UPS), NPS-Lite, and the Atal Pension Yojana (APY)? According to reports, the charges will be revised from October 1. It will cover the maintenance of accounts -- both online and offline. PFRDA has applied a cap to the charges. However, CRAs may choose to keep their rates low. However, despite the changes, the prices remain nominal. Here are the revised charges for government sector NPS and UPS subscribers PRAN opening charge has become Rs 18 for an e-PRAN kit, which is the default option. If one wants a physical PRAN card, they would have to pay Rs 40. An annual maintenance charge of Rs 100 will be imposed on all accounts. However, transaction charges will remain nil. Accounts that don't have any balance will not attract a maintenance charge. Those who have subscribed to APY and NPS-Lite will pay a PRAN opening charge of Rs 15. They will pay an annual maintenance charge of Rs 15. There won't be any transaction charge. NPS and NPS-Vatsalya subscribers from the private sector will pay a PRAN creation charge of Rs 18 for the e-kit and Rs 40 for the physical card. The annual maintenance charge will depend on the subscriber’s corpus size. Check new charges For Rs 1 lakh, there won't be any charge. For Rs 1-2 lakh, she will have to pay Rs 100. For Rs 2-10 lakh, Rs 150 will be charged. For Rs 10,00,001–25 lakh, Rs 300 will be charged. For a Rs 25-50 lakh charge, Rs 400 will be charged. Rs 50 lakh and above will attract a charge of Rs 500.

<p>PFRDA's new charges for NPS, UPA and APY: PRAN opening charge has become Rs 18 for an e-PRAN kit, which is the default option. If one wants a physical PRAN card, they would have to pay Rs 40.</p>

PFRDA revises NPS, UPS, APY charges: Date, rate list revealed

<p>India's Finance Minister Nirmala Sitharaman, on Wednesday (Sep 18)&nbsp;launched a new scheme under the National Pension System (NPS) aimed&nbsp;at financially securing the future of&nbsp;children.&nbsp;The NPS Vatsalya scheme will be managed under the Pension Fund Regulatory and Development Authority (PFRDA).&nbsp;</p>

<h2><strong>What is NPS Vatsalya?</strong></h2>

<p>NPS Vatsalya enables parents to safeguard the future of their children through a pension account and leverage the benefits of compounding for long-term wealth. NPS Vatsalya allows parents to deposit a minimum of Rs 1000 ($11.95) per year in the child’s name until they are&nbsp;a minor.&nbsp;</p>

<p>Sitharaman emphasised that the scheme highlights&nbsp;the government’s commitment to long-term financial planning and security for the country's citizens. The NPS Vatsalya will not only safeguard the children's future but is also designed on the principal intergenerational equity, providing coverage to both older and younger generations of the family. &nbsp;She also emphasised that NPS Vatsalya will encourage youngsters to develop a habit of saving and also mentioned that the scheme will provide a respectable future for individuals in their later years.&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">💡 Why Join <a href="https://twitter.com/hashtag/NPSVATSALYA?src=hash&amp;ref_src=twsrc%5Etfw">#NPSVATSALYA</a>?<br />
<br />
• Protection against uncertainty &amp; long-term financial security<br />
<br />
• Teaching financial responsibility &amp; pension planning<br />
<br />
• Encourages long-term investment<br />
<br />
• Flexible future financial planning<br />
<br />
• Compound interest benefits<a href="https://twitter.com/hashtag/SmartInvesting?src=hash&amp;ref_src=twsrc%5Etfw">#SmartInvesting</a> <a href="https://twitter.com/hashtag/Invest?src=hash&amp;ref_src=twsrc%5Etfw">#Invest</a> <a href="https://t.co/RENeMglWVR">pic.twitter.com/RENeMglWVR</a></p>
— PIB in Chandigarh (@PIBChandigarh) <a href="https://twitter.com/PIBChandigarh/status/1836323976559112262?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>&nbsp;</p>

<p><strong>Also Read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-vows-to-restore-jks-statehood-promises-monetary-assistance-to-farmers-women-760118">PM Modi vows to restore J&amp;K's statehood, promises monetary assistance to farmers, women</a></strong></p>

<h2><strong>How much can you save for your child through this scheme?</strong></h2>

<p>According to a post by&nbsp;the Press Information Bureau (PIB) on the social media platform X, NPS Vatsalya can allow you to save this much for your child:&nbsp;</p>

<p>Annual Contribution: Rs 10,000 ($119.53)<br />
Investment Duration: 18 years<br />
Expected Corpus at 18: Rs 5 lakh @10% rate of return (RoR)<br />
Expected Corpus at 60:<br />
@10% RoR: Rs 2.75 crore<br />
@11.59%* RoR: Rs 5.97 crore<br />
@12.86%# RoR: Rs 11.05 crore</p>

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<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">📊 Your Pension Potential with <a href="https://twitter.com/hashtag/NPSVATSALYA?src=hash&amp;ref_src=twsrc%5Etfw">#NPSVATSALYA</a><br />
<br />
• Annual Contribution: ₹10,000<br />
• Investment Duration: 18 years<br />
• Expected Corpus at 18: ₹5 lakh <a href="https://twitter.com/10?ref_src=twsrc%5Etfw">@10</a>% RoR<br />
<br />
Expected Corpus at 60:<a href="https://twitter.com/10?ref_src=twsrc%5Etfw">@10</a>% RoR: ₹2.75 Cr<a href="https://twitter.com/11?ref_src=twsrc%5Etfw">@11</a>.59%* RoR: ₹5.97 Cr<a href="https://twitter.com/12?ref_src=twsrc%5Etfw">@12</a>.86%# RoR: ₹11.05 Cr<br />
<br />
Start your investment today! <a href="https://t.co/S7pt00MuT2">pic.twitter.com/S7pt00MuT2</a></p>
— PIB in Chandigarh (@PIBChandigarh) <a href="https://twitter.com/PIBChandigarh/status/1836329030695391394?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
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<h2><strong>How to open an account for NPS Vatsalya?</strong></h2>

<p>Opening an NPS Vatsalya account is simple and can be done online or offline at dedicated Points of Presence (POPs) like banks and post offices. To open an account online, visit the eNPS website and follow the steps mentioned on it.&nbsp;</p>

<h2><strong>Key Features of NPS Vatsalya Scheme:&nbsp;</strong></h2>

<p><strong>Eligibility Criteria: </strong>Any minor with an Aadhar card or Pan card is eligible.&nbsp;</p>

<p><strong>Contributors: </strong>Parents or official guardians can contribute on behalf of their children with a minimum amount of Rs 1,000 per year, with no maximum contribution.&nbsp;</p>

<h2><strong>What are the documents required to open an NPS Vatsalya account?</strong></h2>

<p>As per the NPS Trust Website, the following are the documented required:&nbsp;</p>

<ul>
	<li>Date of birth proof of the minor (Birth Certificate, Matriculation Certificate, Passport or School Leaving Certificate).&nbsp;</li>
	<li>KYC of the guardian shall be done by providing identity proof and address (Passport, Voter ID card, Driving Licence, Aadhar Card).&nbsp;</li>
	<li>If the guardian is NRI, a solo or joint bank account of the minor is needed.&nbsp;</li>
</ul>

<h2><strong>How to invest in NPS Vatsalya?</strong></h2>

<p>After the announcement of NPS Vatsalya, several banks released pension plans for minors. Banks such as the Reserve Bank of India, Punjab National Bank, Bank of Maharashtra, Canara Bank, Axis Bank, and ICICI Bank have released their pension plans under NPS Vatsalya. It is advised to check their official website or X handles for further information.</p>

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Plan today for a brighter tomorrow.<br />
To apply online and for more info, visit: <a href="https://t.co/WpDI1x5NLJ">https://t.co/WpDI1x5NLJ</a><a href="https://twitter.com/PFRDAOfficial?ref_src=twsrc%5Etfw">@PFRDAOfficial</a><a href="https://twitter.com/hashtag/NPS?src=hash&amp;ref_src=twsrc%5Etfw">#NPS</a> <a href="https://twitter.com/hashtag/NPSZaruriHai?src=hash&amp;ref_src=twsrc%5Etfw">#NPSZaruriHai</a> <a href="https://twitter.com/hashtag/NPSPensionForAll?src=hash&amp;ref_src=twsrc%5Etfw">#NPSPensionForAll</a> <a href="https://twitter.com/hashtag/NPSVatsalya?src=hash&amp;ref_src=twsrc%5Etfw">#NPSVatsalya</a> <a href="https://twitter.com/hashtag/PensionkiGullak?src=hash&amp;ref_src=twsrc%5Etfw">#PensionkiGullak</a> <a href="https://twitter.com/hashtag/GiftofCare?src=hash&amp;ref_src=twsrc%5Etfw">#GiftofCare</a> <a href="https://twitter.com/hashtag/Banking?src=hash&amp;ref_src=twsrc%5Etfw">#Banking</a> <a href="https://twitter.com/hashtag/PNB?src=hash&amp;ref_src=twsrc%5Etfw">#PNB</a> <a href="https://t.co/5KG8oHeKtN">pic.twitter.com/5KG8oHeKtN</a></p>
— Punjab National Bank (@pnbindia) <a href="https://twitter.com/pnbindia/status/1836389719623467224?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<p><em>(With inputs from agencies)</em></p>


India's Finance Minister Nirmala Sitharaman, on Wednesday (Sep 18) launched a new scheme under the National Pension System (NPS) aimed at financially securing the future of children.

India's Finance Minister Nirmala Sitharaman, on Wednesday (Sep 18) launched a new scheme under the National Pension System (NPS) aimed at financially securing the future of children. The NPS Vatsalya scheme will be managed under the Pension Fund Regulatory and Development Authority (PFRDA). What is NPS Vatsalya? NPS Vatsalya enables parents to safeguard the future of their children through a pension account and leverage the benefits of compounding for long-term wealth. NPS Vatsalya allows parents to deposit a minimum of Rs 1000 ($11.95) per year in the child’s name until they are a minor. Sitharaman emphasised that the scheme highlights the government’s commitment to long-term financial planning and security for the country's citizens. The NPS Vatsalya will not only safeguard the children's future but is also designed on the principal intergenerational equity, providing coverage to both older and younger generations of the family. She also emphasised that NPS Vatsalya will encourage youngsters to develop a habit of saving and also mentioned that the scheme will provide a respectable future for individuals in their later years. 💡 Why Join #NPSVATSALYA? • Protection against uncertainty & long-term financial security • Teaching financial responsibility & pension planning • Encourages long-term investment • Flexible future financial planning • Compound interest benefits#SmartInvesting #Invest pic.twitter.com/RENeMglWVR — PIB in Chandigarh (@PIBChandigarh) September 18, 2024 × Also Read | PM Modi vows to restore J&K's statehood, promises monetary assistance to farmers, women How much can you save for your child through this scheme? According to a post by the Press Information Bureau (PIB) on the social media platform X, NPS Vatsalya can allow you to save this much for your child: Annual Contribution: Rs 10,000 ($119.53) Investment Duration: 18 years Expected Corpus at 18: Rs 5 lakh @10% rate of return (RoR) Expected Corpus at 60: @10% RoR: Rs 2.75 crore @11.59%* RoR: Rs 5.97 crore @12.86%# RoR: Rs 11.05 crore 📊 Your Pension Potential with #NPSVATSALYA • Annual Contribution: ₹10,000 • Investment Duration: 18 years • Expected Corpus at 18: ₹5 lakh @10% RoR Expected Corpus at 60:@10% RoR: ₹2.75 Cr@11.59%* RoR: ₹5.97 Cr@12.86%# RoR: ₹11.05 Cr Start your investment today! pic.twitter.com/S7pt00MuT2 — PIB in Chandigarh (@PIBChandigarh) September 18, 2024 × How to open an account for NPS Vatsalya? Opening an NPS Vatsalya account is simple and can be done online or offline at dedicated Points of Presence (POPs) like banks and post offices. To open an account online, visit the eNPS website and follow the steps mentioned on it. Key Features of NPS Vatsalya Scheme: Eligibility Criteria: Any minor with an Aadhar card or Pan card is eligible. Contributors: Parents or official guardians can contribute on behalf of their children with a minimum amount of Rs 1,000 per year, with no maximum contribution. What are the documents required to open an NPS Vatsalya account? As per the NPS Trust Website, the following are the documented required: Date of birth proof of the minor (Birth Certificate, Matriculation Certificate, Passport or School Leaving Certificate). KYC of the guardian shall be done by providing identity proof and address (Passport, Voter ID card, Driving Licence, Aadhar Card). If the guardian is NRI, a solo or joint bank account of the minor is needed. How to invest in NPS Vatsalya? After the announcement of NPS Vatsalya, several banks released pension plans for minors. Banks such as the Reserve Bank of India, Punjab National Bank, Bank of Maharashtra, Canara Bank, Axis Bank, and ICICI Bank have released their pension plans under NPS Vatsalya. It is advised to check their official website or X handles for further information. Plan today for a brighter tomorrow. To apply online and for more info, visit: https://t.co/WpDI1x5NLJ@PFRDAOfficial#NPS #NPSZaruriHai #NPSPensionForAll #NPSVatsalya #PensionkiGullak #GiftofCare #Banking #PNB pic.twitter.com/5KG8oHeKtN — Punjab National Bank (@pnbindia) September 18, 2024 × (With inputs from agencies)

NPS Vatsalya: All you need to know about the pension scheme for children

<p>In a major overhaul to the pension system of India, the Union government announced a new Unified Pension Scheme (UPS) that assures&nbsp;pension to central government employees, along with other benefits, post-retirement.</p>

<p>The decision was taken in the wake of the central government employees' long-pending demand to bring reforms in the National Pension Scheme (NPS). The government will implement the UPS on April 1, 2025.</p>

<p>In this week's Money-Wise, we try to analyse the newly rolled out Unified Pension Scheme and how it is different from the previous pension schemes.</p>

<h2><strong>UPS: A mixed basket of all goodness of NPS and OPS?</strong></h2>

<p>The newly-introduced Unified Pension Scheme stands a little ahead of the National Pension Scheme (NPS) as it ensures fixed pension&nbsp;to retirees, which was a major drawback of the NPS.&nbsp;</p>

<p>The assured pension will be 50 per cent of the average basic salary drawn by a government&nbsp;employee in the last 12 months after serving for a minimum of 25 years.</p>

<p><strong>Also Read:</strong>&nbsp;<a href="https://www.wionews.com/india-news/india-unveils-new-pension-scheme-for-govt-employees-here-are-its-key-features-753011">India unveils new pension scheme for government employees; here are its key features</a></p>

<p>Apart from the assured pension, the UPS offers inflation&nbsp;indexation, an assured minimum pension of Rs 10,000 per month and a family pension, which were missing in the NPS. The family pension, which was part of the OPS (Old Pension Scheme), will be 60 per cent of the pension last received by the retiree.</p>

<p>The UPS also has the feature of lumpsum payment at superannuation, along with gratuity, which will be calculated as 1/10th of the monthly emolument plus dearness allowance for every six months served in the government.</p>

<p>A key feature borrowed from the NPS is that of a contributory and fully funded scheme, which means that the members can contribute towards their pension fund and ensure a high pension payout upon retirement.</p>

<h2><strong>Here's how UPS differs from NPS and OPS in key features</strong></h2>

<h2><img alt="pension scheme plans" data-entity-type="file" data-entity-uuid="c37e8031-7fbb-4bc4-8c9a-5edaad878de0" src="//cdn.wionews.com/sites/default/files/inline-images/ups%20vs%20nps%20vs%20ops%20%281%29.png" /></h2>

<h2><strong>Who all are eligible for UPS?</strong></h2>

<p>Unde UPS, government employees will be eligible for a fixed pension amount after completing at least 10 years of service and will receive a pension of 50% of the average basic pay after completing 25 years.&nbsp;</p>

<p>All those employees who have retired under the NPS from 2004 onwards are also eligible and can avail UPS. All those who are currently under NPS and have opted for Voluntary Retirement Scheme (VRS) under NPS will also have the choice of joining the UPS if they are government employees, which will then remain unchanged.</p>

<p><strong>Watch:&nbsp;Family-owned businesses dominate Indian GDP</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/family-owned-businesses-dominate-indian-gdp-747575/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>However, the government employees are still free to remain under the NPS.</p>

<h2><strong>UPS vs NPS: Which is a better investment for employees?</strong></h2>

<p>Those who subscribe to the UPS will get a guaranteed pension amount, however, the pension amount under NPS fluctuates because the investment is made in the market-linked security schemes.&nbsp;</p>

<p>Although UPS gives an assured pension, NPS can at times provide a higher pension amount when there are higher returns in the market-linked investments, though the situation can be the exact opposite if the market is down.&nbsp;</p>

<p>UPS is more suitable for employees who want a guaranteed pension amount without any risk and NPS is for those who aim for higher returns and are willing to take risks by making market-based investments.</p>


In a major overhaul to the pension system of India, the Union government announced a new Unified Pension Scheme (UPS) that assures pension to central government employees, along with other benefits, post-retirement.

In a major overhaul to the pension system of India, the Union government announced a new Unified Pension Scheme (UPS) that assures pension to central government employees, along with other benefits, post-retirement. The decision was taken in the wake of the central government employees' long-pending demand to bring reforms in the National Pension Scheme (NPS). The government will implement the UPS on April 1, 2025. In this week's Money-Wise, we try to analyse the newly rolled out Unified Pension Scheme and how it is different from the previous pension schemes. UPS: A mixed basket of all goodness of NPS and OPS? The newly-introduced Unified Pension Scheme stands a little ahead of the National Pension Scheme (NPS) as it ensures fixed pension to retirees, which was a major drawback of the NPS. The assured pension will be 50 per cent of the average basic salary drawn by a government employee in the last 12 months after serving for a minimum of 25 years. Also Read: India unveils new pension scheme for government employees; here are its key features Apart from the assured pension, the UPS offers inflation indexation, an assured minimum pension of Rs 10,000 per month and a family pension, which were missing in the NPS. The family pension, which was part of the OPS (Old Pension Scheme), will be 60 per cent of the pension last received by the retiree. The UPS also has the feature of lumpsum payment at superannuation, along with gratuity, which will be calculated as 1/10th of the monthly emolument plus dearness allowance for every six months served in the government. A key feature borrowed from the NPS is that of a contributory and fully funded scheme, which means that the members can contribute towards their pension fund and ensure a high pension payout upon retirement. Here's how UPS differs from NPS and OPS in key features Who all are eligible for UPS? Unde UPS, government employees will be eligible for a fixed pension amount after completing at least 10 years of service and will receive a pension of 50% of the average basic pay after completing 25 years. All those employees who have retired under the NPS from 2004 onwards are also eligible and can avail UPS. All those who are currently under NPS and have opted for Voluntary Retirement Scheme (VRS) under NPS will also have the choice of joining the UPS if they are government employees, which will then remain unchanged. Watch: Family-owned businesses dominate Indian GDP However, the government employees are still free to remain under the NPS. UPS vs NPS: Which is a better investment for employees? Those who subscribe to the UPS will get a guaranteed pension amount, however, the pension amount under NPS fluctuates because the investment is made in the market-linked security schemes. Although UPS gives an assured pension, NPS can at times provide a higher pension amount when there are higher returns in the market-linked investments, though the situation can be the exact opposite if the market is down. UPS is more suitable for employees who want a guaranteed pension amount without any risk and NPS is for those who aim for higher returns and are willing to take risks by making market-based investments.

Money-Wise: India introduces Unified Pension Scheme. Will it be more beneficial than NPS & OPS?

<p>In the Union Budget 2024, Finance Minister Nirmala Sitharaman made the announcement of a new pension scheme under the National Pension Scheme (NPS), called NPS Vatsalya which is a financial plan that caters to the minor children's parents and guardians.&nbsp;</p>

<p>“NPS Vatsalya, a plan for contribution by parents and guardians for minors will start,” Sitharaman said.</p>

<p>The plan is unique because it has the feature of getting converted into a non-NPS plan once the child becomes the major account holder.&nbsp;</p>

<p>“On attaining the age of majority, the plan can be converted seamlessly into a non-NPS plan,” the finance minister said in her Budget speech.</p>

<p>With this plan, the parents and guardians are now empowered to plan pensions for their children at a very early stage.</p>

<p><strong>Also Read:&nbsp;</strong><a href="https://www.wionews.com/india-news/union-budget-2024-fm-sitharaman-makes-big-announcement-on-income-tax-heres-all-you-need-to-know-743371">Union Budget 2024: FM Sitharaman makes big announcements on Income Tax. Here's all you need to know</a></p>

<p>FM Sitharaman also increased the National Pension Scheme limit for employers in the private sector from 10 per cent to 14 per cent of the employee's salary.</p>

<p>"To improve social security benefits, deduction of expenditure by employers towards NPS is proposed to be increased from 10 to 14 per cent of the employee’s salary. Similarly, deduction of this expenditure up to 14 per cent of salary from the income of employees in the private sector, public sector banks and undertakings, opting for the new tax regime, is proposed to be provided," said the FM, in her Budget Speech.</p>

<h2><strong>What is NPS Vatsalya?</strong></h2>

<p>NPS Vatsalya is a pension scheme introduced for minors where the parents and guardians are empowered to make contributions. Once the child becomes a major account holder after the age of 18, the scheme will be converted into a regular NPS.&nbsp;</p>

<p>All about NPS and its eligibility&nbsp;</p>

<p>The Central Government has introduced NPS for individuals to save a part of their income which can later be transformed into a pension and fulfill their retirement needs.</p>

<p>A citizen of India, either a resident, non-resident or an Overseas Citizen of India, can open an NPS account.&nbsp;</p>

<p><strong>Watch |&nbsp;Budget 2024: Finance Min Nirmala Sitharaman presents budget 2024, says 'Rs 2 lakh cr for 5 schemes'</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2024-finance-min-nirmala-sitharaman-presents-budget-2024-says-rs-2-lakh-cr-for-5-schemes-743372/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>An individual can also claim tax benefits after making an investment in the NPS under Sec 80 CCD (1) within the overall ceiling of Rs. 1.5 lac under Sec 80 CCE.</p>

<p>Under subsection 80CCD (1B), NPS subscribers can also claim an additional deduction for investments up to Rs. 50,000 in NPS (Tier I). This deduction is over and above Rs. 1.5 lakh tax exemption under section 80C of the Income Tax Act 1961.</p>

<p><em>(With inputs from agencies)</em></p>


In the Union Budget 2024, Finance Minister Nirmala Sitharaman made the announcement of a new pension scheme under the National Pension Scheme (NPS), called NPS Vatsalya which is a financial plan that caters to the minor children's parents and guardians.

In the Union Budget 2024, Finance Minister Nirmala Sitharaman made the announcement of a new pension scheme under the National Pension Scheme (NPS), called NPS Vatsalya which is a financial plan that caters to the minor children's parents and guardians. “NPS Vatsalya, a plan for contribution by parents and guardians for minors will start,” Sitharaman said. The plan is unique because it has the feature of getting converted into a non-NPS plan once the child becomes the major account holder. “On attaining the age of majority, the plan can be converted seamlessly into a non-NPS plan,” the finance minister said in her Budget speech. With this plan, the parents and guardians are now empowered to plan pensions for their children at a very early stage. Also Read: Union Budget 2024: FM Sitharaman makes big announcements on Income Tax. Here's all you need to know FM Sitharaman also increased the National Pension Scheme limit for employers in the private sector from 10 per cent to 14 per cent of the employee's salary. "To improve social security benefits, deduction of expenditure by employers towards NPS is proposed to be increased from 10 to 14 per cent of the employee’s salary. Similarly, deduction of this expenditure up to 14 per cent of salary from the income of employees in the private sector, public sector banks and undertakings, opting for the new tax regime, is proposed to be provided," said the FM, in her Budget Speech. What is NPS Vatsalya? NPS Vatsalya is a pension scheme introduced for minors where the parents and guardians are empowered to make contributions. Once the child becomes a major account holder after the age of 18, the scheme will be converted into a regular NPS. All about NPS and its eligibility The Central Government has introduced NPS for individuals to save a part of their income which can later be transformed into a pension and fulfill their retirement needs. A citizen of India, either a resident, non-resident or an Overseas Citizen of India, can open an NPS account. Watch | Budget 2024: Finance Min Nirmala Sitharaman presents budget 2024, says 'Rs 2 lakh cr for 5 schemes' An individual can also claim tax benefits after making an investment in the NPS under Sec 80 CCD (1) within the overall ceiling of Rs. 1.5 lac under Sec 80 CCE. Under subsection 80CCD (1B), NPS subscribers can also claim an additional deduction for investments up to Rs. 50,000 in NPS (Tier I). This deduction is over and above Rs. 1.5 lakh tax exemption under section 80C of the Income Tax Act 1961. (With inputs from agencies)

Union Budget 2024: Govt introduces pension scheme for minor children. Know what is NPS Vatsalya

<p>Forced to step down as Australia's coach owing to the ball-tampering scandal, Darren Lehmann will now groom young talent as part of a National Performance Programme here, Cricket Australia announced today.&nbsp<br />
In his new role, Lehmann will work under Cricket Australia's National Performance Programme head coach Troy Cooley.</p>

<p>Lehmann, who worked with National Cricket Centre in Brisbane before taking charge of the national team, will oversee the development of the National Performance Squad (NPS) over the winter months alongside Cooley, Ryan Harris and Chris Rogers.&nbsp</p>

<p>The 48-year-old Lehmann was appointed as head coach of Australia till 2019, but was forced to resign midway through his tenure following the Cape Town ball-tampering fiasco in March, despite being cleared of any wrongdoing. The former batsman had announced his resignation in an emotional press conference during which he broke down repeatedly.</p>

<p>According to CA, Lehmann will now work in his new position until October.&nbsp</p>

<p>"I had a good chat with 'Boof' (Lehmann) and he was really keen to continue his coaching," Cooley was quoted as saying by cricket.Com.Au.</p>

<p>"And what a great opportunity? having his expert skills in the areas that we need. He'll work with our targeted group of NPS players, but we'll also have our specialist blocks come in so his first four weeks will coincide with our spin program, which involves eight spinners from around the country plus the 10 NPS players.</p>

<p>"They'll all be able to talk to Darren about playing on subcontinental wickets, get his T20 thoughts, one-day and long-format thoughts about how to play and how to adjust your training," Cooley added.</p>

<p>Cooley also said that Lehmann's experience will be an asset in developing young Australian cricketers.&nbsp</p>

<p>"To have someone who's got that experience matching up with our coaching staff, it's invaluable," he said.</p>

<p>"It's also great experience for our coaches in 'Ryno' (Harris) and 'Buck' (Rogers), who are still learning their craft. And Darren has already told me he is relishing the opportunity, so it's win-win all round."</p>

<p>Lehmann is scheduled to begin in his new role from May 28.</p>

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Lehmann is scheduled to begin in his new role from May 28.

Forced to step down as Australia's coach owing to the ball-tampering scandal, Darren Lehmann will now groom young talent as part of a National Performance Programme here, Cricket Australia announced today. In his new role, Lehmann will work under Cricket Australia's National Performance Programme head coach Troy Cooley. Lehmann, who worked with National Cricket Centre in Brisbane before taking charge of the national team, will oversee the development of the National Performance Squad (NPS) over the winter months alongside Cooley, Ryan Harris and Chris Rogers. The 48-year-old Lehmann was appointed as head coach of Australia till 2019, but was forced to resign midway through his tenure following the Cape Town ball-tampering fiasco in March, despite being cleared of any wrongdoing. The former batsman had announced his resignation in an emotional press conference during which he broke down repeatedly. According to CA, Lehmann will now work in his new position until October. "I had a good chat with 'Boof' (Lehmann) and he was really keen to continue his coaching," Cooley was quoted as saying by cricket.Com.Au. "And what a great opportunity? having his expert skills in the areas that we need. He'll work with our targeted group of NPS players, but we'll also have our specialist blocks come in so his first four weeks will coincide with our spin program, which involves eight spinners from around the country plus the 10 NPS players. "They'll all be able to talk to Darren about playing on subcontinental wickets, get his T20 thoughts, one-day and long-format thoughts about how to play and how to adjust your training," Cooley added. Cooley also said that Lehmann's experience will be an asset in developing young Australian cricketers. "To have someone who's got that experience matching up with our coaching staff, it's invaluable," he said. "It's also great experience for our coaches in 'Ryno' (Harris) and 'Buck' (Rogers), who are still learning their craft. And Darren has already told me he is relishing the opportunity, so it's win-win all round." Lehmann is scheduled to begin in his new role from May 28.

Darren Lehmann earns new coaching role with CA, to mentor NPS

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