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Extension for the Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana

  • The Union Cabinet has taken decision to extend the welfare of Pradhan Mantri Vaya Vandana Yojana (PMVVY). the Cabinet was headed by PM Narendra Modi. it goals to allow old age income security for Senior Citizens

Key Points :

  • After approving, the period of scheme has extended up for further period of three years to 31 March 2023.
  • Reset rate of interest will come into effect from 1 April of the financial year in line with the revised rate of returns of Senior Citizens Saving Scheme (SCSS).
  • Also, account of the difference expenditure has been approved by cabinet which marks a difference between the market rate of return generated by LIC (net of expenses) and the guaranteed rate of return under the scheme.
  • Moreover, in respect of new policies issued extension included capping Management expenses at 0.5 per cent p.a.for thr first year and for next nine years, capping Management expenses will be at 0.3 per cent p.a.

Q.1 Who will get benefits through Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

Pradhan Mantri Vaya Vandana Yojana (PMVVY) goals to allow old age income security for Senior Citizens. this Yojana will give advantages to Senior Citizens. Learn More

Q.2 What are new capping Management expenses?

in respect of new policies issued extension included capping Management expenses at 0.5 per cent p.a.for thr first year and for next nine years, capping Management expenses will be at 0.3 per cent p.a. Learn More

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