Therefore, elderly people who live completely on pension, bank interest have no option left but to choose this pm pension yojana, since the present interest rate being offered is 7.40% annually for F.Y 2020-21. This Social Security Scheme was supposed to be closed by 31st March 2020. Delegating the authority to Finance Minister to approve annual reset rate of return at the beginning of every financial year. The scheme offers several benefits for which it is highly recommended for the people of India. This means SCSS interest is slightly lower than PMVVY as PMVVY pays the same 7.4% monthly. Stimulus of barely 2% of GDP offset by spending rejig, Stimulus 3.0: Now, guaranteed credit for large firms in 27 sectors, Economy remains in the ICU for now; there is some recovery but revenues won’t really grow till FY23, Tax sops announced to help developers, woo homebuyers, Connecting farms to folk: Linking agri-tech to FPOs can create value, Serum completes enrolment for phase 3 trial of AstraZeneca vaccine, Crime reporting: Making India safer for women, Make bail the norm: SC’s observations while granting Arnab Goswami bail must be heeded, Digital taxation & OECD: On a weak pillar, Copyright © The policy can be surrendered under exceptional circumstances like money required for the treatment of any critical/terminal illness of self or spouse . 7.66 per cent per annum for the entire duration of ten years. No investment in Pradhan Mantri Vaya Vandana Yojana is not eligible for any tax benefit. There can be several situations when we look for regular income. But considering the financial hardships faced by the people across India due to this COVID 19 pandemic, the G.O.I have extended this Pradhan Mantri Vaya Vandana Yojana(PMVVY) till 31st March 2023. The annual reset of the assured rate of interest will be effective from April 1st of the financial year in line with the revised rate of returns of Senior Citizens Saving Scheme (SCSS). Your email address will not be published. Pension is payable at the end of each period, during policy term of 10 years, on monthly/ quarterly/ half-yearly/ yearly basis as chosen by the pensioner. Senior citizens can get Rs 18500 per month pension for 10 years, Yellow metal: Buy SGBs or gold ETFs this Dhanteras, Gold rush: Know how digital gold can be a smart buy, Paytm registers 2x growth in digital gold, 40% buyers from smaller towns, Sun Pharmaceutical Industries Share Price, This website follows the DNPA’s code of conduct. If you can comply with these requirements, then you can avail the benefits of the pension scheme. Have you taken benefit of all tax saving rules and investments? Section 80TTB: Senior Citizens can Save Tax on their Interest Income, 11 Investments to get Monthly Income in India. 2020 Pradhan Mantri Pension Yojana-₹9250 Guaranteed Pension, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to email this to a friend (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Tumblr (Opens in new window), NRE Account-Learn How To Make More Money With NRE Account, Senior Citizen Savings Scheme -10 key facts on SCSS, Long Term Capital Gain Tax. With this scheme, an individual will receive an 8% assured return per annum. Here are 10 things to know about the scheme: 1. PFC, HUDCO, NABARD, IRFC etc had issued tax free bonds in the past and are available on exchanges with yields in the range of 5.5%. There are new issues of NCDs which offer interest higher interest in the range of 8% to 10%. You can buy anything in between (including both amounts). So this fuc** up Govt has zero credibility when it comes to handling indian economy. Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which was available from 4th May, 2017 to 31st March, 2020.
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