Axis Bank join forces with Pension Fund Regulatory and Development Authority to Launch ‘NPS Vatsalya Scheme’

Bengaluru, 18 September 2024: Axis Bank, one of India’s leading private sector banks, has joined hands with the Pension Fund Regulatory and Development Authority (PFRDA) to launch National Pension Scheme (NPS) – Vatsalya, a scheme focused to secure the financial future of children below 18 years. As announced by Hon. Finance Minister – Nirmala Sitharaman during the 2024 Union Budget, the initiative is a key step towards empowering families in planning long-term financial security for their children.

At the launch event held in Delhi, Hon. Finance Minister Nirmala Sitharaman, presented a symbolic Permanent Retirement Account Number (PRAN) to Ms. Lamba Karnam Aaditri from Hyderabad, who was selected by Axis Bank. As a part of the initiative, Axis Bank opened total 17 NPS Vatsalya accounts and handed over symbolic PRANs to the children. The senior Bank officials handed over symbolic PRANs and opened NPS Vatslaya accounts for around 16 children in Bangalore and Ahmedabad.

Speaking about the initiative, Mr. Amitabh Chaudhry, MD&CEO, Axis Bank said, “It’s a proud moment for us to be a part of this great mission led by the Government of India towards building a strong pensioned India. This initiative offers a structured and flexible path for wealth creation targeting the future generations of the country, thereby nurturing a financially resilient society. We believe that this will enable parents/ guardians from all socio-economic backgrounds to gain access to valuable tools for securing their children’s financial future, providing them with a strong foundation to build their dreams and aspirations.”

The NPS Vatsalya scheme will provide parents and guardians with a range of investment opportunities and pension fund options to invest in their child’s financial future. Upon reaching 18 years of age, the NPS Vatsalya account of the beneficiary will seamlessly convert into a regular NPS account, securing lifelong benefits. To open an account, parents or guardians must provide essential documents such as Know Your Customer, the child’s birth certificate, and proof of identity.

This initiative underscores Axis Bank’s deep-rooted commitment to driving financial inclusion and enhancing the financial well-being of future generations. The NPS Vatsalya initiative is aligned with the Bank’s mission to build a strong pensioned India, ensuring long-term financial security for families across the country.