In her Budget 2023 speech, Union Finance Minister Nirmala Sitharaman on Wednesday (February 1) proposed to double the deposit limit for Senior Citizen Savings Scheme (SCSS) to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh.
"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 speech.
Sitharaman also proposed that the maximum deposit limit for Monthly Income Account Scheme be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
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 percent with partial withdrawal option," the FM added.
