New Delhi: Prime Minister Narendra Modi, 73, doesn’t have a life insurance policy any more. In all probability, his policy matured and the PM put that money in a fixed deposit, one of the two financial instruments that had remained with him for a long time.
His assets comprise a fixed deposit and a National Savings Certificate, according to his latest voluntary declaration of assets and liabilities.
The PM’s voluntary declaration of assets and liabilities shows that till March 31 this year, he had ₹2.47 crore in fixed deposit at SBI’s Gandhinagar branch. Over the past one year, the FD has increased by ₹37 lakh while his insurance policy worth ₹1.89 lakh, which he showed in his FY21-22 declaration, is not available in his FY22-23 declaration of assets and liabilities.
The PM’s national savings certificates, too, has increased by ₹14,500 — signalling further investment. His NSCs were worth ₹9.19 lakh as on March 31, 2023.
Modi, who grew up in modest means, doesn’t have any loans, vehicles or land asset. Till 2020, the PM had infrastructure bonds worth ₹20,000. Like most political leaders, the PM has no exposure in the equity market.
The PM’s bank balance is just ₹574 and he had ₹30,240 in cash as on March 31 this year.
Prime Minister Modi doesn’t take any salary and donates the entire amount. He also maintains only one bank account — with SBI in Gandhinagar, which has remained with him since he became the chief minister of Gujarat.
Every year, the PM and all Union ministers voluntarily declare their assets and liabilities and those of their family members, in a bid to maintain accountability in public life.
A home ministry guideline said, “In addition to the observance of the provisions of the Constitution, the Representation of the People Act, 1951, and any other law for the time being in force, a person immediately after entering office as a Minister, and in any case within a period of two months from the date of assumption of office, shall: a) disclose to the Prime Minister, or the Chief Minister, as the case may be details of the assets and liabilities, and of business interests, of himself and of members of his family.”
The self-declaration started during the tenure of Prime Minister Atal Bihari Vajpayee.
