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Multiple Choice Questions

Consider the following statements on PM Vaya Vandana Yojana and identify the correct statements as p...........

Economic and social issues (RBI) Growth and development

Consider the following statements on PM Vaya Vandana Yojana, and identify the correct statements as per scheme: (1 mark)

Statements:

1. The tenure of policy is set at 10 years.

2. One can invest a maximum amount of Rs. 70,000 under PMVVY scheme.

3. Pension will be payable as per the frequency of monthly, quarterly, half-yearly, yearly as per the preference given by the pensioner at the time of purchase.

This questions was previously asked in

RBI Grade B Phase 2 Exam (2022)

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Only 1

Both 1 & 3

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All 1, 2 & 3

Both 2 & 3

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Explanation:

- Statement 1: The tenure of the PM Vaya Vandana Yojana (PMVVY) policy is indeed set at 10 years, which is correct.

- Statement 2: The maximum amount one can invest under PMVVY was significantly higher; it was initially set at Rs. 15 lakhs and not Rs. 70,000. Therefore, this statement is incorrect.

- Statement 3: The pension under PMVVY is payable as per the frequency chosen by the pensioner at the time of purchase, including options for monthly, quarterly, half-yearly, or yearly payments, which makes this statement correct.

- Option 2 (Both 1 & 3) is indeed the correct choice as both statements 1 and 3 are true.

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