Pradhan Mantri Vaya Vandana Scheme: Under this scheme one time lump sum has to be deposited. In this scheme, a person can invest up to a maximum of Rs 15 lakh. At least 1.50 lakhs can be invested.
Pradhan Mantri Vaya Vandana Scheme: One can invest in Pradhan Mantri Vaya Vandana Yojana till 31 March 2023. Recently, the government has extended its deadline. Pradhan Mantri Vaya Vandana Yojana is an important pension scheme for senior citizens. After extending its deadline, now investors have got time for another 3 years. For FY 2020-21, the fixed rate of return has been kept at 7.4% per annum.
Under this scheme, every year at the beginning of the financial year, the rate of interest is fixed on 1 April. The scheme provides a pension of up to Rs 10,000 every month. Provision has been made to get minimum pension of Rs.1000. This rate is changed every year. The policy term is fixed at 10 years. If a retirement person invests some part of the lump sum amount received on retirement in this scheme then he gets many benefits. In this, the money you got on retirement will be safe as well as pension will be arranged every month.
Under this scheme one time lump sum has to be deposited. In this scheme, a person can invest up to a maximum of Rs 15 lakh. At least 1.50 lakhs can be invested. To invest in this scheme one has to visit LIC office or it can be done from the website.
At a time when the rate of fixed deposits in banks is continuously decreasing, then this scheme is very important. Those who are at least 60 years of age and above can invest in this scheme launched for senior citizens. The pensioner shall have the right to take the interest amount either in the form of pension or lump sum.