Budget 2023: Upper Deposit Level For Senior Citizens' Saving Scheme Increased From Rs 15 Lakh To Rs 30 Lakh

Sitharaman said, "The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account."

Nirmala Sitharaman said, "This is the first Budget in Amrit Kaal."

Source : Sansad TV

Union Finance Minister Nirmala Sitharaman on Wednesday tabled the annual Budget for the fiscal year 2023-24. Nirmala Sitharaman on Wednesday announced enhancing of the maximum deposit level of the Senior Citizens' Saving Scheme (SCSS) from Rs 15 lakh to Rs 30 lakh. She also announced enhancing the maximum deposit limit for Monthly Income Accounts Scheme from Rs 4.5 lakh to Rs 9 lakh for single accounts, and Rs 9 lakh to Rs15 lakh for joint accounts.

Nirmala Sitharaman said, "The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.

She added, "The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account."

This was the final full Budget of the Modi government before the general elections scheduled for next year, 2024.

Finance Minister started her speech by saying that this Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. We envision a prosperous and inclusive India, in which the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes. 

Nirmala Sitharaman said, "This is the first Budget in Amrit Kaal."

She said that the Indian economy is on the right track, and heading toward a bright future. 

Nirmala Sitharaman said, "Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'janbhagidari' through 'sabka saath, sabka prayaas' is essential."

Sitharaman said, "During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months."

In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order, FM said. 

The government's efforts since 2014 have ensured for all citizens, a better quality of life and a life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world, Sitharaman said

Nirmala Sitharaman said, "The world has recognized India as a bright star, our growth for the current year is estimated at 7.0 per cent, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war." 

Earlier, the Union Cabinet meeting chaired by PM Modi approved the Union Budget.  

Senior Citizens Savings Schemes can be availed by any individual above the age of 60 years. They are effective savings options for the long term and offer attractive features and unmatched security. The Senior Citizens Savings Scheme (SCSS) was launched with the main aim of providing senior citizens in India with a regular income after they attain the age of 60 years old.

Currently, the SCSS interest rate is 7.4 per cent per annum. The returns of the SCSS are high when compared to savings and Fixed Deposit (FD) accounts.