The transition from adulthood to old age is not easy. This phase plays a crucial role in shaping the future, including financial stability. The most important factor during this journey is money. Saving and investing wisely help build a secure future. Currently, interest rates on fixed deposits in banks and post offices have decreased. This has become a concern for many, especially senior citizens, who rely on these savings for financial support after retirement.

However, where there is a problem, a solution also emerges. To ensure the financial security of senior citizens, the central government has introduced a special scheme called Pradhan Mantri Vaya Vandana Yojana (PMVVY). This social welfare scheme, managed by the Life Insurance Corporation of India (LIC), provides pension benefits to senior citizens.

In this article, we will share all the important details about this scheme.

Pradhan Mantri Vaya Vandana Yojana: Key Details You Should Know

This scheme was initially set to end on March 31, 2020, but its validity was later extended until March 31, 2023, giving it an additional three years.

    1. Important Features of the Scheme
    2. The scheme has a validity of 10 years.
    3. Only senior citizens (above 60 years) can apply.
    4. Investors can choose to receive interest monthly, quarterly, half-yearly, or annually.
    5. The interest rate is 7.4%, which is higher than most small savings schemes, including the Senior Citizen Savings Scheme.

Investment and Returns

  • The maximum investment allowed is ₹15 lakh.
  • A person investing the full amount will receive a monthly interest of ₹9,250.
  • The minimum monthly interest under this scheme is ₹1,000.

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