BANKING AFFAIRS

Detailed explanation-1: -The pension scheme is for senior citizens of a minimum age of 60 years. One can invest in the scheme till 31 March 2023. If purchased before 31 March 2022, LIC will be offering a guaranteed return of 7.4% per annum for the financial year 2022.

Detailed explanation-2: -Benefits of Indira Gandhi National Old Age Pension Scheme The beneficiaries aged between 60-79 years are entitled to get a monthly pension of Rs. 200, and beneficiaries aged over 80 years get a pension of Rs. 500. The pension amount is directly credited to the beneficiary’s bank account or post office account.

Detailed explanation-3: -Pradhan Mantri Vaya Vandana Yojana (PMVVY) is the new pension scheme for senior citizens in India. This scheme was introduced on 4th May 2017 and extended till 31st March 2023 for the older population above 60 years of age. This scheme is exempted from the GST tax of the Income Tax Department.

Detailed explanation-4: -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.

Detailed explanation-5: -PMVVY is an insurance policy-cum-pension scheme that provides security to senior citizens. This pension plan is provided by Life Insurance Corporation (LIC) which caters to one’s need for post-retirement financial planning. Direct Benefit Transfer (DBT) Social Security & Pensioners.