Answer: Pradhan Mantri Vaya Vandana Yojana
Notes: The Union Cabinet has extended Pradhan Mantri Vaya Vandana Yojana (PMVVY), a pension scheme for the senior citizens (who are above 60 years), for a period of three years till March 2023. The scheme was initially launched in 2017, to provide a guaranteed monthly pay-out to senior citizens. The maximum investment limit is Rs 15 lakh and the tenure of the policy is 10 years. Though the scheme assured 8% return last time, this year it would give 7.4% per annum. The interest rate will be modified every year, in line with the Senior Citizen Savings Scheme (SCSS).
