Union Finance Minister Nirmala Sitharaman has presented the budget today. The government has made a big announcement for senior citizens. Investment limit in savings scheme has been increased for senior citizens. Let us know in detail in the news below-
Union Finance Minister Nirmala Sitharaman has presented the budget (Budget 2023-24) in the Parliament today. This budget is the last full budget of the second term of the Modi government. Finance Minister Nirmala Sitharaman has made a big announcement in this budget for women as well as senior citizens.
Savings limit increased to 30 lakhs
Finance Minister Nirmala Sitharaman has given a big gift to women in the general budget. Also, the Finance Minister said that the maximum investment limit in Senior Citizen Savings Scheme (SCSS) has been increased from Rs 15 lakh to Rs 30 lakh. Now senior citizens will get its benefit.
What is Senior Citizen Savings Scheme
Senior Citizen Savings Scheme is for the senior citizens of the country. It is a savings scheme run by the government for periodic benefits. This scheme was started in 2004. Its target is to provide financial assistance to retired persons. Also, they have a regular flow of income. It offers high security and tax-saving benefits to senior citizens. Many banks and post offices across the country are giving the benefit of this scheme at their place.
Increased interest on savings scheme
For the quarter ending March 31, 2023, the central government has increased the interest rate on Senior Citizen Savings Scheme (SCSS) to 8 percent. Along with this, in the budget 2023, the maximum limit of investment in this scheme has been increased from Rs 15 lakh to Rs 30 lakh.
Here are the main features
According to the website of State Bank of India, understand how to deposit in Senior Citizen Savings Scheme (SCSS). After all, how will you get the benefit of this….
- In this scheme, the depositor can extend the account for another 3 years even after a period of 5 years.
- The deposit made under the rules will get the benefit of quarterly interest from time to time by the government.
- If the account holder does not claim interest every quarter, he will not get additional interest.
- Both husband and wife can open single account and joint account with each other.
The depositor can nominate one person or more than one person. - Nomination made by the depositor can be canceled or varied.
- The deposit made at the time of opening the account will be paid on or after the completion of 5 years or after the completion of 8 years. Where the account was extended from the date of opening of the account.
- No more than one withdrawal will be allowed from one account.
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