The Prime Minister of India, Shri Narendra Modi, made an important announcement after demonetisation, which was made on December 31, 2016, just a day before the beginning of the new year. In this announcement, Modi ji told about starting many new schemes.

One of them is that the interest rate for senior citizens on Rs 7.5 lakh for 10 years will be 8%. This is a new year gift given by Modi ji to senior citizens. Modi ji not only said about the new schemes but also made some important announcements about the old schemes. The sole purpose of this scheme is to make such a move to protect the senior citizens and their income.

8% fixed interest rate scheme for senior citizens by Modi ji –

Prime Minister Shri Narendra Modi addressed the nation on November 8, 2016, banning 500 and 1000 notes, in which he announced without warning as a big step to check tax evasion. This was his initiative against corruption. The last date for depositing 500 and 1000 notes was December 31. Of the notes that have been canceled, 86 percent of the cash amount was in circulation. After the cancellation of notes, Rs 14 lakh crore was deposited in the bank and new notes of Rs 6 lakh crore were circulated. After several raids, more than 3000 crore rupees were seized in undeclared money.

Finance Minister Arun Jaitley said that tax and revenue collection has increased. As the next step in the fight against corruption, the Prime Minister made a transition to a cashless economy, and the government also made several announcements encouraging digital payments. Because of this, he also launched an app. After this, on 31st December 2016, the last date for depositing 500 and 1000 notes, people were waiting for the next historic announcement of the Prime Minister. In this announcement, the Prime Minister said about many new schemes and also asked for the schemes which are already going on. Read the journey of Narendra Modi to become the Prime Minister here.

Keeping in view the interest rate by the Reserve Bank of India, the interest rate on deposits was cut in the last few years and most of the money was supplied in the financial system. In view of demonetisation, with banks flushing out deposits and weak offtake of credit, there is a possibility of further fall in the interest rate of deposits in banks.

Banks often reduce their deposit rates when they receive a large amount of money. Against this, senior citizens should not be affected by this, so Prime Minister Shri Narendra Modi ji told about this scheme. Giving relief to the senior citizens in his speech, the Prime Minister announced that 8% interest rate would be guaranteed on deposits up to Rs.7.5 lakh. Also said that this special interest provision for senior citizens will be implemented for 10 years, and interest will be paid on monthly basis.

8 fixed interest rate:

One such historic announcement was made by Modi ji that the interest rate will be fixed at 8% for senior citizens depositing up to 7.5 lakhs. This is a matter of relief for many people, as the rates have come down sharply due to demonetisation.

However, there is a clause here that needs to be followed. Deposits should be made for a period of up to 10 years. Although it is a bit harsh from the point of view of 'lock in period', but Prime Minister Shri Narendra Modi has attached an interesting gift for those who follow it. Contrary to the normal interest payout rule, senior citizens can now withdraw interest, earning on fixed deposits on a monthly basis, before the end of the fixed deposit tenure. In short, after this announcement, the Fixed Deposit will be effectively converted into a monthly income generation scheme.

Interest earned in a month

Suppose if you deposit as much as is allowed in this scheme i.e. 7.5 lakh rupees, then you will earn interest-

Interest Income Per Month = (8% off 7.5 Lakh)/12

Rs 5,000 = (Rs 60,000)/12

So, with a deposit of Rs 7.5 lakh for 10 years, you will earn 60,000 interest in 10 years, which can be withdrawn on a monthly basis at the rate of Rs 5,000 per month.

In this way you can earn interest in a month.

Help from this plan:

Monthly income, whether regular or daily, has always been helpful to meet the needs or demands. Earlier, once money was deposited in a fixed deposit, the only way to get the money back (including interest earned) was at the end of the fixed deposit tenure. This means that the money was actually kept sealed for a certain period of time and could not be used for any occasion. It will no longer be in the form of investment of money, it will be given as a monthly income stream.

Senior citizen yojana Main points:

Some of the salient features of this planning process are as follows-

The Prime Minister says that the interest rate has to be guaranteed to protect the income of senior citizens.
For senior citizens, this special rate is to be implemented for 10 years.
Banks have cut interest rates on deposits in the last few years.
The Reserve Bank of India has cut the repo rate and key lending rate by 175 basis points since 2015. At the same time, banks have been ahead to sharply cut deposit rates. The decline in interest income hurts the income of senior citizens. Because they mainly depend on interest. The interest received from deposits in banks is their biggest source of income.

Currently, State Bank of India, the country's largest bank, offers an interest rate of 6.5% to retail depositors on fixed deposits with maturities between 5 years and 10 years. and pays an interest rate of 7% for senior citizens.

The name of this scheme is Pradhan Mantri Vaya Vandana Yojana. The Modi government has made some changes inside it in the budget of 2018, under which this scheme will now be operational till 31 March 2020. In the scheme, the limit has been doubled from 7.5 to 15 lakhs.

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