DT
PT
Subscribe To Print Edition About The Tribune Code Of Ethics Download App Advertise with us Classifieds
search-icon-img
search-icon-img
Advertisement

Union Budget 2023: Govt doubles deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh

  • fb
  • twitter
  • whatsapp
  • whatsapp
Advertisement

New Delhi, February 1

Advertisement

Union Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh.

In her Budget Speech, the minister also announced a new small savings scheme for women.

Advertisement

“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 87-minute-long speech.

She also proposed that the maximum deposit limit for Monthly Income Account Scheme will 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.

Advertisement

Announcing a new ‘Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra’, Sitharaman said a one-time new small savings scheme, Mahila Samman Savings Certificate, would 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 two years at fixed interest rate of 7.5 per cent with partial withdrawal option,” she said.

The minister also announced that an integrated IT portal would be established for investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease.

Advertisement
Advertisement
Advertisement
tlbr_img1 Classifieds tlbr_img2 Videos tlbr_img3 Premium tlbr_img4 E-Paper tlbr_img5 Shorts