Budget 2023: Massive hike in Senior Citizen Savings Scheme, Post Office Monthly Income Scheme; Govt doubles deposit limit | Details
Budget 2023: Massive hike in Senior Citizen Savings Scheme, Post Office Monthly Income Scheme (MIS) - In her Budget Speech, the Finance minister also announced a new small savings scheme for women, 'Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra' at fixed interest rate of 7.5 per cent.
Budget 2023: Massive hike in Senior Citizen Savings Scheme, Post Office Monthly Income Scheme (MIS) - Finance Minister Nirmala Sitharaman on February 1 (Wednesday) hiked the investment limit of popular post office schemes - Senior Citizen Savings Scheme and Post Office Monthly Income Scheme (MIS).
The investment limit for both the post office saving schemes has been doubled.
Budget 2023: Post Office Monthly Income Scheme (MIS) new limit
The government of India today proposed to double the deposit limit of Post Office Monthly Income Scheme(POMIS) in the Budget 2023. Finance Minister Nirmala Sitharaman announced the new limit for the popular Post Office investment scheme will be Rs 9 lakh from the present Rs 4.5 lakh for single account holders.
The new limit for the joint account holders will be Rs 15 lakh from the current Rs 9 lakh.
Budget 2023: Senior Citizen Savings Scheme new limit
Finance Minister Nirmala Sitharaman proposed to double the deposit limit under Senior Citizens Savings Scheme (SCSS). The new limit will be Rs 30 lakh from the current Rs 15 lakh.
In her Budget Speech, the minister also announced a new small savings scheme for women. "The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh," the minister said in her 87-minute long speech.
Announcing a new 'Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra', Sitharaman said a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. "This will offer deposit facility up to Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option," she said.
The minister also announced to that an integrated IT portal will be established for investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
12:13 PM IST
6 investment schemes that provide you monthly income
Post Office MIS: Want to withdraw money from this scheme that gives Rs 9,250 monthly pension on Rs 15 lakh deposit? Know what you can do
Post Office Scheme: Invest Rs 250 a day in this scheme to accumulate over Rs 24 lakh at 40
Rs 9 lakh investment in this post office scheme gives you Rs 5,550 a month; get details
Post Office Monthly Income Account (MIS): How to get Rs 5,000 monthly income through this post office scheme