Pradhan Mantri Vaya Vandana Yojana was launched on July 21, 2017. The scheme recently completed five years since its launch.
Under the scheme, senior citizens above the age of 60 can make a lump sum investment and can monthly or a yearly pension. PMVVY has been extended up to 31st March, 2023. The amendment in 2020 allowed an assured rate of return of 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year.