The Pradhan Mantri Vaya Vandana Yojana was launched by the Government on 4th May 2017. This is a government pension scheme with an aim to provide social security to senior citizens and for the protection of the elderly against a fall in the interest income due to unfavourable market conditions in the future. This pension scheme can be availed before 31st March 2020 by senior citizens aged 60 years or above.
Overview of Pradhan Mantri Vaya Vandana Yojana
|Name||Pradhan Mantri Vaya Vandana Yojana|
|Also known as||PMVVY|
|Launched year||4 May 2017|
|Launch by||Government of India|
|Nodal Ministry||Ministry of Finance|
|Department||Department of Financial Services, Government of India|
|Activation Period||4th May 2017 to 31st March 2020|
Objective and Benefits of Pradhan Mantri Vaya Vandana Yojana
•Scheme provides initially an assured rate of return of 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year. For Financial Year 2021-22, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2022.
•Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.
•The scheme is exempted from GST.
Goods and Services Tax (GST)