Pradhan Mantri Vaya Vandana Yojana – Investment Limit Doubled
Pradhan Mantri Vaya Vandana Yojana 2018 – The Central Government of India has taken a great decision in the favour of the senior citizens of the state. The Government has doubled the investment limit for Senior Citizens under the Pradhan Mantri Vaya Vandana Yojana. In addition to this, the central government has also increased the duration of this scheme. Under the Pradhan Mantri Vaya Vandana Yojana, the CCA has increased the investment for Pradhan Mantri Vaya Vandana i.e. from 7.5 Lakh to 15 Lakh.
The meeting of economic affairs headed by Prime Minister Narendra Modi was held on 2 May 2018. The expiration of this scheme was May 4, 2017 to May 3, 2018. Now it has been increased to March 31, 2020. This scheme will give 10,000 pensions to senior citizens in the form of pension. This is a big step for the central government.
The Pradhan Mantri Vaya Vandana Yojana is for citizens of 60 years and above. Under this scheme, pension is available for ten years with a guaranteed return of 8% per annum. There is an option to take the pension monthly, quarter, half yearly or annually. The government will also provide service tax and GST relaxation in this scheme.
Highlights of Pradhan Mantri Vaya Vandana Yojana
- To promote social security for senior citizens, the Central Government has expanded the Pradhan Mantri Yay Vandana Yojana.
- Under the scheme, Rs. 10,000 / – per head will be given to senior citizens as a social security cover.
- By March 2018, a total of 2.23 lakh beneficiaries were benefitted under PMVVY 2018.
- A total of 3.11 lakh senior citizens were benefited in the 2014 Senior Pension Insurance Scheme.