Pradhan Mantri Vaya Vandana Yojana
It is a newly launched government scheme exclusively for senior citizens. Obviously, we can say that it’s good news for every senior citizen as they can get a heavy amount of pension immediately. Know what’s there under Pradhan Mantri Vaya Vandana Yojana by reading the article in detail.
About PMVVY
PMVVY is a government-launched scheme benefitting both husband and wife together at the age of 60. So, senior citizens can avail of the guaranteed benefit of a pension of Rs.18,500 every month and fortunately, after 10 years your entire investment will also be returned.
If you are a senior citizen or have a member at your home, then inform them immediately about the Pradhan Mantri Vaya Vandana yojana as now only few months are left to apply for it.
Who can apply for Pradhan Mantra Vaya Vandana Yojana?
Any person who has attained the age of 60 can apply under this till 31st March 2023. Especially for senior citizens of India, this scheme is launched to provide financial support to old age people who face trouble earning.
PMVVY Scheme Payment
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) has a duration of 10 years. Under PMVVY, payment can be made on monthly, quarterly, half-yearly or yearly basis depending upon the mode chosen by the buyer. Moreover, the first installation under the PMVVY scheme starts after 1 year, 6 months, 3 months or 1 month from the date of purchase of the scheme.
PMVVY Allowed Pension
The minimum pension allowed under PMVVY is Rs 1000 per month while the maximum pension is Rs 9250 per month. The minimum purchase price available under the scheme is Rs 1,62,162 for monthly pension, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half yearly pension and Rs 1,56,658 for annual pension. The maximum purchase price available under the scheme is Rs 15 lakh for monthly pension, Rs 14,89,933 for quarterly pension, Rs 14,76,064 for half yearly pension and Rs 14,49,086 for annual pension.
PMVVY Scheme Interest Rate
An assured pension of 7.40% p.a shall be provided to senior citizens applying for Pradhan Mantri Vaya Vandana Yojana. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023.”
This was all about the newly launched government scheme introduced for senior citizens of India. Pradhan Mantri Vaya Vandana Yojana tax benefits states that only the interest earned on the PMVVY is subject to income tax deduction as per applicable rate.
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