Budget 2023: Senior Citizens Can Now Invest Rs 30 lakh In Savings Scheme, Announces Sitharaman | Details

Union Budget 2023: Nirmala Sitharaman on Wednesday announced that Senior Citizen Savings Scheme (SCSS) maximum investment limit has been increased from Rs 15 lakh to Rs 30 lakh.

Budget 2023: Senior Citizens Can Now Invest Rs 30 lakh In Savings Scheme, Announces Sitharaman | Details
Budget 2023: As per the SBI report, small savings schemes like the Senior Citizen Savings Scheme and Sukanya Samriddhi Yojana may get a major push from this year's Budget. (Image: ANI)

FINANCE Minister Nirmala Sitharaman presented Union Budget 2023 on Wednesday in which Senior Citizen Savings Scheme (SCSS) maximum investment limit has been increased from Rs 15 lakh to Rs 30 lakh in this year's Budget. 

India's different industries and investors have been expecting a balanced Budget that focuses on multiple reforms. As per the State Bank of India (SBI ) report, small savings schemes like the Senior Citizen Savings Scheme (SCSS) and Sukanya Samriddhi Yojana (SSY) will continue to receive a major push from the government in this year's Budget also. Catch All The Budget 2023 Live Updates

Senior Citizen Savings Scheme (SCSS)

It comes under the small savings schemes of the post office. This is a small savings scheme launched for senior citizens, in which investment is entirely safe and there is no risk of sinking money. . It is open to everyone over 60 who wants to invest. Also, people over 55 years and under 60 years who have retired from their service can invest in the plan.

Under the Senior Citizen Savings Scheme, an interest of up to 8 per cent is being given at present. This investment has a five-year maturity period and is free from investment taxes up to Rs 1.50 lakh under Section 80C of the Income Tax.

Sukanya Samriddhi Yojana (SSY)

To secure the future of daughters for their marriage and good education one can invest in Sukanya Samriddhi Yojana (SSY) under Small Savings Schemes. Guardians or parents of a girl child of 10 years or less can open an account in this Yojana. Under this scheme, the investment can be started from only Rs 250, while a maximum can be invested of Rs 1.50 lakh. At present, 7.6 per cent interest is offered in Sukanya Samriddhi Yojana.

Investors may get major reliefs from Prime Minister Narendra Modi's Modi government's last final Union Budget as the General Election is slated to take place in 2024.

The Union Finance Ministry prepares the budget in consultation with the Niti Aayog and concerned ministries which be presented by Finance Minister Nirmala Sitharaman on February 1.

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