🚂 Current Fix Deposit Rates 🌞 SBI - General Citizen 3% to 7.10% Senior Citizen - 3.60% to 7.60% 🌞 HDFC - General - 3.00% to 7.25% Senior Citizen - 3.50% to 7.75% 🌞 ICICI - General - 3% to 7.10% Senior Citizen - 3.50% to 7.60% 🌞 PNB - General - 3.50% to 7.25% Senior Citizen - 4% to 7.75% 🌞 Kotak Mahindra - General - 2.75% to 7.20% Senior Citizen - 3.25% to 7.70% 🌞 Axis - General - 3.50% to 7.10% Senior Citizen - 3.50% to 7.85% 🌞 Bank of Baroda - General - 3% to 7.25% Senior Citizen - 3.50% to 7.55% 🚂 Current Recurring Deposit Rates 🌞 SBI - General 4.40% to 5.50% Senior Citizen 4.90% to 6.20% 🌞 ICICI - General 3.50% to 5.50% Senior Citizen 4% to 6.30% 🌞 HDFC - General 4.40% to 5.50% Senior Citizen 4.90% to 6.25% 🌞 KOTAK - General 4.30% to 5.20% Senior Citizen 4.80% to 5.70% 🌞 AXIS - General 4.40% to 5.75% Senior Citizen 4.65% to 6.50% 🌞 IDBI - General 7% to 7.15% Senior Citizen 7.50% to 7.65% ☁️ National Pension Scheme - 9% to 12% pa ☁️ Employees Provident Fund - 8.15% pa ☁️ Public Provident Fund - 7.1% pa Pradhan Mantri Rozgar Yojana

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Pradhan Mantri Rozgar Yojana

 

Some youth and women possess intelligence and a strong entrepreneurial spirit, yet they often find themselves unable to realize their business aspirations due to challenging economic conditions and inadequate support systems. In recognition of this issue and to foster economic empowerment among youth and women, the Government of India has taken proactive measures by implementing the Pradhan Mantri Rozgar Yojana scheme aimed at promoting financial literacy and providing support for youth and female entrepreneurs. These initiatives not only aim to break down the barriers hindering youth and women's entry into the business world but also strive to create a more inclusive and equitable economic landscape.

What is  Pradhan Mantri Rozgar Yojana?

The Pradhan Mantri Rozgar Yojana is a flagship scheme launched by the Government of India in October 1993 aimed at providing self-employment opportunities to the educated unemployed youth and women.

Main Objectives of Pradhan Mantri Rozgar Yojana are as follows:

Employment Generation: To create self-employment opportunities through the establishment of micro-enterprises.

Skill Development: To provide necessary skills and training to the unemployed to help them become self-employed.

Economic Development: To promote small-scale industries and contribute to economic development, particularly in rural and semi-urban areas.

Women Empowerment: To encourage and facilitate women's participation in the workforce by providing them with the means to become self-employed.

Key Features

Eligibility: The individual must be educated unemployed youth or woman between 18 – 35 years of age and minimum qualification 8th standard pass.  The special advantage given to SC/ST.

Project Cost: The maximum cost allowed for a project under this scheme is Rs. 1 lakh for business sector, Rs. 2 lakhs for other activities, and Rs. 5 lakhs for industry-related activities.

Pradhan Mantri Rozgar Yojana Loan Subsidy: A loan subsidy of up to 15% of the project cost, subject to a ceiling of Rs. 7,500 per entrepreneur.

Loan Facility: Individual can be apply for the balance amount of the project cost in banks or banks will provide the balance amount as a term loan.

Deposit: No Deposit is required for loans up to Rs. 1 lakh.

Training and Support: Applicants receive necessary training and support for setting up their enterprises.

Implementation and Monitoring  :The scheme is implemented through the District Industries Centres and banks. The selection of beneficiaries is done by a Task Force Committee at the district level, ensuring that the process is transparent and inclusive. Continuous monitoring is done to ensure that the objectives of the scheme are met effectively.

Achievements and Impact: Since its inception, Pradhan Mantri Rozgar Yojana has helped millions of unemployed youth in setting up their own businesses, leading to significant socio-economic benefits. The scheme has not only generated employment but has also contributed to the growth of the micro and small enterprises sector in India.

Overall, the Pradhan Mantri Rozgar Yojana has been a crucial step towards addressing unemployment and promoting entrepreneurship among the youth and women in India.


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