In a bid to attract more investors, the Narendra Modi government will operationalise three new small savings schemes from April 1, 2023, and is planning to notify new simplified procedures from the new financial year, a government official said. The small savings schemes will be rolled out by post offices.
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Also, banks will roll out a modified senior citizen scheme from April 1, 2023. The Mahila Sammaan Savings Certificate will be launched later. Announced in Budget 2023, the Mahila Samman Savings Certificate scheme is a one-time small savings scheme that will be made available for a period of two years, from April 2023 to March 2025.
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According to a government official, the central government is expecting a 'Sweet Bonanza' from small savings from FY24 and has doubled the investment cap of the Senior Citizen Savings Scheme and Monthly Income Scheme investment.
Simpler procedures
In an aim to mirror Jan Dhan KYC (Know Your Customer) norms for small saving schemes, the government is likely to use Aadhaar-based KYC. duresFurther, the government will not make it mandatory to quote PAN in remote areas. Also, a claim on unspent corpus will be possible via a succession certificate in case of the death of a small saver, and a nomination facility for children may also be provided under new rules.
(Edited by : Shoma Bhattacharjee)
First Published: Mar 28, 2023 6:53 PM IST
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