Central government, this is a special scheme, in which 8 percent guaranteed returns are given. The amount of the return also depends on which interval it is taken. The government has extended the period of this scheme for 3 years to 31 March 2023. 

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PMVVY

In the Union Cabinet Approval meeting on the previous day, a proposal has been approved to extend the duration of Prime Minister's Vandana Yojana (PMVVY) for the next 3 years. Earlier, the period of this scheme ended on 31 March 2020. But now after this approval, the duration of PM Vandana Yojana has been extended till 31 March 2023.  Pradhan Mantri Vaya Vandana Yojana (Pradhan Mantri Vaya Vandana Yojana) is a scheme for senior citizens, under which the option of monthly pension is available.

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PMVY

 Under this scheme, senior citizens get a guaranteed pension at a fixed rate for 10 years. Let's know the essential things about this scheme and how it can be taken advantage of.

It is necessary to deposit Rs 1.50 lakh


    one-time lump sum has to be deposited under this scheme. This amount can be at least 1.50 lakhs and maximum Rs.15 lakhs. The pensioner will have the right to take the interest amount either in the form of pension or lump sum.


8 percent returns


Under PMVVY, you get a fixed return of 8 to 8.30 percent annually on the amount deposited. The rate of interest depends on the monthly, quarterly, half-yearly or annual, in what order the pension amount will be taken. Every month pensioners will get 8% interest, while annual pension will get 8.30%.Who can take advantage of this schemePMVVY is for citizens 60 years and older. The pension is guaranteed under this scheme with a guaranteed annual return of 8% for 10 years. Due to increase in investment limit, senior citizens have been guaranteed to get a maximum of ₹ 10 thousand per month while minimum of ₹ 1,000 pension per month.

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PMVVY


Return Guarantee


Interest is available only in the form of pension. Think of it as such that if you deposited Rs 15 lakh, then at the rate of 8%, you will get 1 lakh 20 thousand rupees interest for the year. The same amount of interest is given as 10-10 thousand rupees monthly, 30-30 thousand rupees every quarter, 60-60 thousand rupees twice a year or once a year, one lakh 20 thousand rupees as pension.
The only difference is that the rate of interest on other deposits is reviewed by the government every quarter, while the rate of interest on PMVVY is at least 8% fixed. Keep in mind that if you choose the option of taking pension on quarterly, half-yearly or yearly basis, according to this, you will have to deposit less than 15,000 lakh rupees. As mentioned above


What are the conditions?


v  Have completed at least 60 years of age.
v  There is no maximum age limit after 60 years.
v    Policy Term - 10 years.
v  Minimum pension - ₹ 1000 per month, Rs 3000 per quarter, Rs 6000 per half year, Rs 12000 per year.
v  Maximum pension - ₹ 10000 per month, Rs 30000 per quarter, Rs 60000 per half year, Rs 1 lakh 20 thousand per year.

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PMVVY


How to apply


To take advantage of this central government scheme, you have to fill a form. It is necessary to attach the necessary documents with this form. Senior citizens can also invest in this scheme online.


Not more than 10,000 pension to a family


According to the website of LIC, the operator of this scheme, the maximum pension limit applies not to a pensioner but to his entire family. Meaning, under the Pradhan Mantri Vaya Vandana Yojana, all the people from one family will take pension plan,The amount of pension received by all of them will not exceed Rs 10,000. The pensioner's family includes the spouse and their dependents, in addition to the pensioner.