Budget 2023: Senior Citizen Savings Scheme Deposit Limit Increased

Finance Minister Nirmala Sitharaman increased the maximum deposit limit for Senior Citizen Savings Scheme from Rs 15 lakh to Rs 30 lakh in the Union Budget 2023.

The maximum deposit limit for Monthly Income Account Scheme is increased from Rs 4.50 lakh to Rs 9 lakh for single account, and from Rs 9 lakh to Rs 15 lakh for joint account, the Finance Minister said.

The government recently has increased the interest rates on Senior Citizen Savings Scheme to 8% from 7.6% for the January-March period of fiscal 2023.

Senior Citizen Savings Scheme is a savings option for citizens above 60 years, with an aim to provide steady income after retirement.

Budget 2023 also introduced 'Azadi Ka Amrit Mahotsav', a one-time new small savings scheme, and 'Mahila Samman Savings Certificate', which will be made available for a two-year period up to March 2025.

This will offer a deposit facility up to Rs 2 lakh for women or girls for a tenor of two years, at a fixed interest rate of 7.5% and with a partial withdrawal option.