What is Pradhan Mantri Vaya Vandana scheme?

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.

What is the interest rate of Vaya Vandana Yojana?

7.4\%
Pradhan Mantri Vaya Vandana Yojana (PMVVY) provides a government return of 7.4\% p.a. payable monthly. In case you subscribe for monthly pension scheme, the 7.4\% annual interest is equivalent to 7.66\% p.a. Since the scheme essentially operates as a pension plan, it does not attract any GST or service charge.

Is PMVVY good investment?

However, if a senior citizen is looking for an option that will give regular monthly income, then Pradhan Mantri Vaya Vandana Yojana (PMVVY) can be a good investment option for them.

Does LIC deduct TDS on Pmvvy?

PMVVY : TDS is not deducted from the interest amount. You are liable to pay tax yourself. The interest amount will be added to your income and taxed as per your income tax slab rate.

Which is better between Pradhan Mantri Vaya Vandana Yojana Pmvvy and SCSS?

The lock-in period of SCSS is five years while it is 10 years in the case of PMVVY. According to the LIC website, which provides PMVVY, the interest rate on the scheme till March 31, 2022, is 7.4 per cent. However, SCSS is better in terms of liquidity owing to a lower maturity period.

Is Pmvvy a good investment?

What is the maximum pension per month in Pradhan Mantri Vaya Vandana Yojana?

Pension Policy

Pension mode	Minimum amount of pension	Maximum amount of pension
Monthly	Rs 1,000	Rs 10,000
Quarterly	Rs 3,000	Rs 30,000
Bi-annually	Rs 6,000	Rs 60,000
Annually	Rs 12,00	Rs 1,20,000

Can a senior citizen invest in both PMVVY and SCSS?

Senior citizens with the age of 60 years or more can invest in PMVVY and SCSS schemes. The overall investment permissible is Rs 15 lakh in both schemes.