Budget 2023: Upper deposit level for senior citizens' saving scheme increased

FM Sitharaman announced increasing the maximum deposit level of Senior Citizens' Saving Scheme from ₹15 lakh to ₹30 lakh.

Union finance minister Nirmala Sitharaman on Wednesday announced enhancing the maximum deposit level of Senior Citizens' Saving Scheme (SCSS) from ₹15 lakh to ₹30 lakh. She also announced enhancing the maximum deposit limit for Monthly Income Accounts Scheme from ₹4.5 lakh to ₹9 lakh for single accounts, and ₹9 lakh to ₹15 lakh for joint accounts.

Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 in the Lok Sabha, in New Delhi, Wednesday, (PTI)

UNION BUDGET 2023: FULL COVERAGE

The enhancement in the maximum deposit limit signifies that the Centre has increased the interest rate for SCSS by 20 bps from earlier 7.4% to 7.6%.