Pradhan Mantri Vyay Vandana Yojana (PMVVY) 2020

Pradhan Mantri Vyay Vandana Yojana (PMVVY) 2020

Pradhan Mantri Vyay Vandana Yojana (PMVVY) 2020

Pradhan Mantri Vyay Vandana Yojana (PMVVY) 2020

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme, meant for senior citizens, has now been extended till March 31, 2023. This scheme was open till March 31, 2020.

According to a tweet by K.S. Dhatwalia, Principal Director General of the Press Information Bureau, “Cabinet approves extension of ‘Pradhan Mantri Vaya Vandana Yojana’ (#PMVVY) up to 31st March, 2023 for further period of three years beyond 31st March, 2020; This to enable old age income security and welfare of Senior Citizens”

1.50 lakh is required to be deposited

Under this scheme, the amount has to be deposited at once. This amount can be a minimum of Rs 1.50 lakh and a maximum of Rs 15 lakh. The pensioner will have the right to take the amount of interest as a pension or in the form of a lump sum.

Get 8 percent compensation

Under PMVVY, a fixed return of 8 to 8.30 percent per annum is paid on the amount deposited. The interest rate is based on monthly, quarterly, biennial or annual, in the order in which the pensioner will take the amount of the pension. Pensioners will get 8% interest per month, while the annual pension will be 8.30%.

Who will take advantage of this scheme?

PMVVY is for citizens over 60 years of age. Under this scheme, pension is guaranteed with a guaranteed annual return of 8% for 10 years. With the increase in investment limit, senior citizens are guaranteed a maximum of Rs 10,000 per month and a minimum of Rs 1,000 per month.

Compensation guarantee

Interest is earned only in the form of a pension. That is, if you deposit Rs 15 lakh, you will get an interest of Rs 1 lakh 20 thousand for the year at the rate of 8%. The same interest rate of 10-10 thousand rupees per month, 30-30 thousand rupees every three months, twice a year or once a year 60-60 thousand rupees, one lakh 20 thousand rupees as the pension is given.

The only difference is that interest rates on other deposits are reviewed quarterly by the government, while interest rates on PMVVY are fixed at least 8%. If you choose to take a pension on a quarterly, half-yearly or annual basis, you will have to deposit less than Rs 15,000 lakh.

What are the conditions?
Must have completed at least 60 years of age.
There is no maximum age limit after 60 years.

Policy Term- 10 years.

Minimum pension – 1000 per month, 3000 rupees per quarter, 6000 rupees per six months, 12000 rupees per year.
Maximum pension – 10000 per month, 300000 rupees per quarter, 60000 rupees per six months, 1 lakh 20 thousand rupees per year.

How to apply

You have to fill up a form to avail of this scheme of Central Government. It is necessary to attach the required documents with this form. Senior citizens can also invest in the scheme online.

No more than 10,000 pensions per family:

According to the website of LIC, the administrator of the scheme, the maximum pension limit applies not to a pensioner but to his entire family. This means that as many people from one family will get a pension under Pradhan Mantri Vyay Vandana Yojana.

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