2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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9.40% per annum
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6.40% per annum
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7.40% per annum
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8.40% per annum
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Detailed explanation-1: -The interest rate of both PMVVY and Senior Citizens Savings Scheme (SCSS) are close to 8% per annum.
Detailed explanation-2: -There is no restriction on the maximum age. The term of PMVVY scheme is 10 years. At the end of 10 years, the amount invested will be paid back to the senior citizen. Senior citizens can invest a minimum amount of Rs 1, 56, 58 and a maximum amount of Rs 15 lakh in the scheme.
Detailed explanation-3: -(i) Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
Detailed explanation-4: -Senior Citizens Savings Scheme-SCSS: Offered by banks and post offices, the RoI on SCSS is 8% p.a. Pradhan Mantri Vaya Vandana Yojana – PMVVY: The scheme under LIC provides an RoI of 7.40% p.a.