ASSURED MONTHLY RETURN OF 8% PA FOR SENIOR CITIZENS

[PM]

For Information:

Dear Friends,

                                           You may recall  the address made our Prime Minister, on the eve of New Year 2017,where there was a mention  on initiating a scheme for senior citizens, for getting 8% fixed interest monthly  for a period of ten years,on deposits up to Rs 7.5 lakhs,  to save them from reduced interest rates from banks.                                           To day Cabinet has cleared the scheme which comes under VPBY-2017.( Earlier LIC has introduced similar scheme with higher interest rates in which some of you might have been drawing higher rate of interest now)

Varishtha Pension Bima Yojana - 2017

                             The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017).  It is a part of Government’s commitment for financial inclusion and social security.

 

                             The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year to  provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis. The differential return, i.e., the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.

 

                                   VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch. 

-Cabinet 24th Jan'17

[cpvnair]

A blow on the cheek of the banking industry.Now a major portion of dep of senior citizens will flow to LIC as int rates are to fall soon…

 

 

 

Warm reg

 

 

CPVNAIR

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[Satyanarayana Rao]

PL clarify whether it applies to bank deposit for 10 years @ 8℅ interest?

Sent from Yahoo Mail on Android

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[PM]

It is clearly mentioned that the scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year,not through banks.

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[bhaskara sarma]

some long term debt funds are giving better returns and you can withdraw on any day also.you can take slight risk and go for this sector.sometimes you may get upto 10-12 percent also.

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[Balakrishnan P.P.]

Please guide us and furnish company details - Balakrishnan

[bhaskara sarma]

LIC of India also invests in long term debt funds and pays the interest.It can make profits out of these funds also.Airtel is paying 7.5 percent interest on SB balances.

P B Sarma.

[Anantharaman Tg]

Dear Sri Sarma,

I do not think any pensioner will have the mind to take risk,

whatever high rate is offered and it is also necessary that

there should be enough liquidity in case of any emergency.

And a Bank deposit is better in the sense you can avail laon

against it when in need and also have the facility of premature

closure. I doubt whether LIC would extend such benefits.

They should have entrusted the implemetation through

nationalised banks and post offices.

Anantharaman

[Sastry TVPC]

I don't think that there will be any worthwhile migration of funds fron banks to LIC with the constraints thereon. Further a long term closed investment for 10 years will not be welcome since senior citizens will have in all probability Medical and other emergencies. Further, the difference in the returns is not very encouraging. Above all a 10 year closed fund should in all probability yield an annualised return much more than 8%. The Govt pompously declares that it will reimburse the shortfall, if any to LIC, but is silent about the surplus yield/return, which is more likely. Will LIC pass on that to investors, will it retain it or will it pass on to Govt. Another master scheme by the present Govt to claim. Publicity withouts no likely cost (may be with gain) to the Govt. A dampener of a scheme.

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[bhaskara sarma]

Dear Anantharaman,

The funds can be redeemed in a day or two and the amount is credited to our bank account through NEFT or RTGS.There is no penalty for withdrawal at any time after 6 months or one year.Sometimes you may get more than 10-12 percent.In case the interest rates go up after 3 or 5 years,you will be locked up in  LIC Scheme.This wont happen in this case.Even LIC INVESTS IN THE SAME FUNDS OR GOVT SECURITIES AND PAYS THE INTEREST.I just gave the information only it is left to the choice of individual pensioners.

[Balakrishnan P.P.]

For opening an account with Airtel Payment Bank is it necessary to have Airtel sim card only - Balakrishnan

[mohan p]

Dear Mr Balakrishnan,

                                          

                                                                 You can open account online through your mobile phone.Download the Air tel app and rest of the things can be done as per directions.  

[bhaskara sarma]

Dear Balakrishnan,

You can contact nearest service centre of Airtel,spread over in almost all parts of the country.You can take a prepaid sim card which costs little.In Airtel payment bank,Cell number is the account no also.You can approach the service centre or toll freenos ,so that they give necessary guidance or even send their customer service rep to do the needful.

With Regards,

P B Sarma.