Pradhan Mantri Vaya Vandana Yojana or PMVVY was first announced in Budget 2017 and launched on May 4, 2017. The scheme was open till March 31, 2020. The good news is PMVVY has now been extended to March 31, 2023 albeit with lower interest rates. In this post we review the new Pradhan Mantri Vaya Vandana Yojana and check if senior citizens should invest in this?
Pradhan Mantri Vaya Vandana Yojana Features
- Minimum age for investment is 60 years
- There is no Maximum age for entry
- It gives return of 7.40% compounded monthly. Earlier this rate was 8%.
- You can choose to receive pension monthly, quarterly, half yearly or annually
- The maturity period is 10 years. At the end of maturity period the investment amount. would be returned.
- The pension payment shall be through ECS/NEFT only
- On death of the policy holder, the premium is returned back to the nominee
- The plan is available till March 31,…