Posted By: Admin
Are you a senior citizen worried about market fluctuations?
Are you worried about decreasing Fixed Deposit interest rates?
Are you a Retiree searching for an Instrument that gives a fixed pension after retirement?
The Answer for these questions “Pradhan Mantri Vaya Vandana Yojana” ( PMVVY).
PMVVY is an Assured Pension Scheme specially made for senior citizens (above age 60). This scheme can give you a fixed pension for a period of 10 years. It provides a minimum assured monthly pension of Rs 1,000 per month at a rate of 7.40% for an investment of Rs 1.62 Lakhs and maximum assured monthly pension of Rs.9,250 at a rate of 7.40% for an investment of Rs 15.00 lakhs.
Some of the notable benefits are:
There is some eligibility Criteria for entering into this scheme:
Mode of Pension |
Minimum Purchase Price |
Maximum Purchase Price |
Yearly |
₹ 1,56,658 |
₹ 14,49,086 |
Half Yearly |
₹ 1,59,574 |
₹ 14,76,064 |
Quarterly |
₹ 1,61,074 |
₹ 14,89,933 |
Monthly |
₹ 1,62,162 |
₹ 15,00,000 |
Mode of Pension |
Minimum Pension |
Maximum Pension |
Yearly |
₹ 12,000 |
₹ 1,11,000 |
Half Yearly |
₹ 60,000 |
₹ 55,000 |
Quarterly |
₹ 3,000 |
₹ 27,750 |
Monthly |
₹ 1,000 |
₹ 9,250 |
Taxation : Being a Pension, the entire income is taxable and therefore this scheme would be most useful for Senior Citizens with low or no tax liability.
Conclusion:
For Senior Citizens looking to get a fixed monthly pension on a guaranteed basis, PMVVY is a great offer.
By: Santhosh
Category Finsherpa | Tags Financial Freedom
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