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.

Updated on: Feb 1, 2023, 12:51:20 IST

By Snehashish Roy

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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%.

ABOUT THE AUTHOR
Snehashish Roy
Snehashish is a content producer at Hindustan Times. A driven journalist with hands-on experience in print, digital and broadcast. A Jadavpur University alumnus who believes everything is come-at-able.Read More

Budget 2023

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