new Delhi. The Union Cabinet has approved to extend the duration of the Prime Minister Vayu Vandan Yojana by three years to 31 March 2023. The proposal to this effect was approved in the meeting of the Union Cabinet held here on Wednesday under the chairmanship of Prime Minister Narendra Modi. The term of the Pradhan Mantri Vayu Vandan Yojana ended on 30 March 2020. Minimum income is ensured for the elderly citizens under this scheme.
For the year 2020-21, senior citizens will be given interest at the rate of 7.4 percent on the amount deposited under the Pradhan Mantri Vayu Vandan Yojana. The interest on this will be determined every year. Interest will be given at the rate of 7.5 percent per annum on Senior Citizen Savings Scheme.
Apart from this, the amount deposited under the scheme has been increased from Rs 1,56,658 to Rs 1,62,162 for getting pension of Rs 1000 per month.
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