Budget 2023: Deposit limit for Senior Citizen Savings Scheme doubled

Union Finance Minister Nirmala Sitharaman said in her Budget speech that the government has increased the maximum deposit limit for the Senior Citizen Savings Scheme from Rs 15 lakh to Rs 30 lakh.

In addition, the maximum deposit limit for the Monthly Income Account Scheme would be increased from Rs 4.5 lakh to Rs 9 lakh for single accounts and Rs 9 lakh to Rs 15 lakh for joint accounts.

An individual who is 60 years of age or older on the date of account opening, or who is 55 years of age or older but less than 60 years and has retired under Superannuation, Voluntary Retirement Scheme (VRS), or Special VRS, can create an account.

To honour the Azadi Ka Amrit Mahotsav, the Finance Minister stated that a one-time new small savings programme, Mahila Samman Savings Certificate, will be made available for a two-year period ending on March 25, 2025.

This will provide a deposit facility of up to Rs 2 lakh in the name of women or girls for a period of two years at a fixed interest rate of 7.5% with the option of partial withdrawal.

Sitharaman further stated that the maximum deposit limit for the Monthly Income Account Scheme would be increased from Rs 4.5 lakh to Rs 9 lakh for single accounts and from Rs 9 lakh to Rs 15 lakh for joint accounts.