Under the Pradhan M antri Vaya Vandana Yojana (PMVVY),

Solution

Pradhan Mantri Vaya Vandana Yojana (PMVVY)    

• PMVVY is for senior citizens aged 60 years and above to provide them an assured return of 7.4 per cent per annum.   
• The scheme offers pension income payable monthly, quarterly, half-yearly or yearly as opted. The minimum pension amount is Rs 1,000 per month and maximum Rs 9,250 per month.   
• The maximum amount that can be invested in the scheme Rs 15 lakh.   
• The tenure of the scheme is 10 years. The scheme is available till March 31, 2023.   
• At maturity, the investment amount is repaid to the senior citizen. In the event of death of senior citizen, the money will be paid to the nominee.   
• After 3 years Loan facility can be availed upto 75% of the invested amount