Budget 2023: FM announces maximum deposit level for Senior Citizens’ Saving Scheme from Rs 15 to 30 lakh

The Finance Minister announced while presenting the Budget for the year 2023-24 enhancing the maximum deposit level for the Senior Citizens’ Saving Scheme from Rs 15 lakh to Rs 30 lakh.
 
As part of the Monthly Income Accounts Scheme, she also announced an increase in the maximum deposit limits from Rs 4.5 lakh to Rs 9 lakh for single accounts and from Rs 9 lakh to Rs 15 lakh for joint accounts.

The government increased the interest rate on the Senior Citizens' Savings Scheme (SCSS) from 7.4% annually to 7.6% for the quarter ending December 31, 2022.

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Due to the fact that SCSS is a government-backed small savings programme, it is one of the safest and most dependable investing options for senior adults.

One of the best investing options is SCSS, which offers an annual interest rate of 8.0%, especially when compared to more conventional saving options like FD and Savings Accounts.

The Senior Citizens Savings Scheme has a five-year maturity term. However, a depositor may add an additional three years to the maturity period. Within one year of the maturity period, the depositor must submit an application form in the prescribed format to prolong their Senior Citizens Savings Scheme account.

A depositor may make a single upfront investment in the Senior Citizens Savings Scheme. For deposits under Rs. 1 lakh, cash deposits are permitted; for deposits of Rs. 1 lakh or more, check deposits are acceptable; the deposit date is calculated from the date the cheque is realised.