Post Office Schemes: Monthly Income Scheme, SCSS and MSSC to see changes from April 1, details here

The Union Budget 2023, which was presented by Finance Minister Nirmala Sitharaman on February 1, 2023, contained a number of announcements and changes, including modifications to two of the most well-liked post office programmes. The Union Budget for 2023 also included an announcement about a new programme for female investors.

Senior Citizen Savings Scheme (SCSS): The SCSS investment maximum has been increased in Budget 2023 from Rs 15 lakh to Rs 30 lakh. The government-backed scheme was established in 2004 to provide seniors with a steady and stable source of income during their post-retirement years. For the fourth quarter of FY 2022–23, the SCSS interest rate after the increase is 8.0% annually. Anyone who is over the age of 60 is eligible for this scheme. Retirees above the age of 55 but under the age of 60 may also invest in this scheme if they invest within a month of obtaining retirement payments.  

Post Office Monthly Income Scheme (POMIS): As per an announcement made in Union Budget 2023, the single account holder limit for the Post Office Monthly Income Scheme (POMIS) has been raised from Rs 4 lakh to Rs 9 lakh. The limit has been raised from Rs. 9 lakh to Rs. 15 lakh in case of joint account holding.

The interest rate as of right now is 7.1% for the months of January through March 2023. The MIS account is valid for five years. 1% of the principal will be charged if it is closed within three years of the opening date but before five years have passed.

Mahila Samman Savings Certificate: In the Union Budget for 2023, Finance Minister Nirmala Sitharaman announced the Mahila Samman Savings Certificate for female investors.

With a tenor of two years and a fixed interest rate of 7.5%, this will provide deposit options up to Rs 2 lakh in the names of women or girls with the option of partial withdrawal.

This scheme will be providing deposit facilities for women and girls, Union Finance Minister Nirmala Sitharaman announced in the Budget. Presenting the Budget in the Lok Sabha on Wednesday, Sitharaman said, "To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate is to be launched."

Mahila Samman Savings certificates will be made available for a one-time period up to two years, or till March 2025, to commemorate Azadi Ka Amrit Mahotsav.