Prime Minister Narendra Modi recently voluntarily declared his assets and liabilities along with his cabinet colleagues. PM Modi’s wealth is worth nearly ₹2.85 crore as of June 30, 2020, up from ₹2.49 crore worth of assets declared by him in 2019.
The increase in assets is largely due to increase in his bank balance and addition in the value of his bank fixed deposits.
The 70-year-old Prime Minister has zero debt. PM Modi had ₹31,450 in cash at June-end. PM’s savings account balance was ₹3.38 lakh on June 30 against ₹4,143 on March 31, 2019. His FD in State Bank of India’s Gandhinagar branch increased to ₹1,60,28,039 as of June 30, 2020 from ₹1,27,81,574 in the last fiscal year.
PM has four gold rings weighing approximately 45 grams worth ₹1,51,875. PM has not invested in equities. PM has a plot and house in Gandhinagar worth ₹1.1 crore. He is a part owner of this along with his family. This immovable property is held by PM along with three other joint owners.
PM’s declaration of his wealth states that he doesn’t own a car, or any motor vehicle.
PM Modi’s favoured tax-saving tools are life insurance, National Savings Certificates (NSCs) and infrastructure bonds. PM saves taxes through the National Savings Certificates of ₹8,43,124 and paid a premium of ₹1,50,957 for his life insurance.
In FY19-20, the Prime Minister had ₹7,61,646 of National Savings Certificates and paid ₹1,90,347 as life insurance premiums. The L&T Infrastructure bond PM Modi purchased in January 2012 for ₹20,000 has not yet reached maturity.
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