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) – 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.

Also Read | Budget 2023 Income Tax changes Highlights: No Income Tax till Rs 7 lakh, New Income Tax regime rejigged – Details

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