Budget 2023: Deposit limit for Senior Citizen Savings Scheme doubled

The government has doubled the maximum deposit limit for Senior Citizen Savings Scheme from Rs 15 lakh to Rs 30 lakh, Union Finance Minister Nirmala Sitharaman said in her Budget speech.

Also, the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account.

An individual who has attained the age of 60 years or above on the date of opening of an account or an individual who has attained the age of 55 years or more but less than 60 years and has retired under Superannuation, Voluntary Retirement Scheme (VRS), or Special VRS, can open an account.

The Finance Minister announced that to commemorate the Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to 25 March 2025.

This will offer deposit facility upto Rs 2 lakh in the name of women or girls for a tenure of two years at fixed interest rate of 7.5 per cent with partial withdrawal option.

Sitharaman also announced that the maximum deposit limit for Monthly Income Account Scheme has been proposed to be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account.

( With inputs from ANI )

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