homefinance NewsSmall savings schemes on a roll — SCSS, Monthly Income Scheme inflows more than double
Small savings schemes on a roll — SCSS, Monthly Income Scheme inflows more than double
Government sources have confirmed that the financial year 2024 (FY24) small savings mop-up has reached ₹2.77 lakh crore so far, marking a rise from ₹1.91 lakh crore recorded in FY23.
The government's small savings schemes portfolio has experienced a significant surge, led by the Senior Citizen Savings Scheme (SCSS) and the Monthly Income Scheme (MIS), both reporting a more than twofold increase in their mop-up compared to the preceding year.
This surge positions the government well to meet its small savings scheme target of ₹4.37 lakh crore, as per official sources.
Government sources have confirmed that the financial year 2024 (FY24) small savings mop-up has reached ₹2.77 lakh crore so far, marking a rise from ₹1.91 lakh crore recorded in FY23.
Notably, the Senior Citizen Scheme, Monthly Income Scheme, and Mahila Vikas Patra have all experienced a surge in inflows during FY24.
In FY24, the Senior Citizen Savings Scheme saw collections of ₹90,000 crore till now, reflecting 143% year-on-year growth.
Simultaneously, the Monthly Income Scheme recorded a mop-up at ₹20,000 crore, marking a fourfold increase compared to the previous financial year.
Projections indicate that Mahila Samaan Patra inflows are set to reach ₹19,000 crore in FY24.
Furthermore, the effective rate for the small savings Public Provident Fund (PPF) stands at 11%, coupled with tax benefits, in contrast to the 7.1% coupon.
The government has met 80% of its revised capex aim for FY24, an ambitious ₹9.50 lakh crore.
Significantly, the government's cash balance remains well within manageable limits, with authorities diligently adhering to 'just in time' fund releases.
As of February 16, FY24 government borrowing concluded within the revised estimates. The government remains resolute in achieving its fiscal aim of 5.8% for FY24, with three additional tax devolution tranches to states scheduled for disbursement in March.
Looking forward to FY25, the Reserve Bank of India's (RBI) dividend receipts aim is expected to closely align with the figures achieved in FY24.
(Edited by : Shoma Bhattacharjee)
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