PMVVY Scheme Extention: The Union Cabinet has approved extension of ‘Pradhan Mantri Vaya Vandana Yojana’ (PMVVY) up to 31st March 2023 for a further period of three years, beyond 31st March 2020. Earlier, the last date of PMMVY was March 31, 2020, and the extension was not provided to it. Now, the last date to invest in PMVVY will be March 31, 2023.
As per the tweet of the Director-General, Press Information Bureau, the extension of PMVVY will enable old age income security and welfare of senior citizens. The extension of PMVVY scheme will help senior citizens as the entry age in the scheme is 60 years. In a falling interest rate scenario, a fixed return of around 8 per cent with high safety of capital is what PMVVY has to offer to investors. To invest in PMVVY, one needs to approach LIC as it is the sole institution allowed by the government to offer the plan, both online and offline.