BANKING AFFAIRS

Detailed explanation-1: -In pursuance to Budget Announcement 2018-19, Cabinet at its Meeting held on 2nd May, 2018 has approved the extension of Pradhan Mantri Yaya Vandana Yojana up to 31st March 2020 and limit of maximum purchase price of Rs. 7.5 lakh per family under the scheme has also been enhanced to Rs.

Detailed explanation-2: -The Pradhan Mantri Vaya Vandana Yojana scheme provides for an assured return of 7.4% percent per annum payable monthly (equivalent to 7.66% per annum) for 10 years. The PMVVY scheme comes with policy term of 10 years and the maximum investment permitted under the scheme is Rs. 15 lakh.

Detailed explanation-3: -Under the PM Vaya Vandana Yojana, policyholders can get up to 75% of the deposit as loan amount after completing three years from the date of purchase. As per the policy document, the applicable interest rate is 9.5% per annum for the loan sanctioned till Apr. 30, 2021.

Detailed explanation-4: -Eligibility criteria of Pradhan Mantri Vaya Vandana Yojana Must be an Indian citizen. Ready to avail of the policy term of 10 years. The minimum purchase price is Rs 1.5 lakh, and it offers a monthly pension of Rs 1, 000. The maximum purchase price is Rs 15 lakh, and it offers a monthly pension of Rs 10, 000.

Detailed explanation-5: -For Financial Year 2021-22, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2022.