Why it is better to invest in small savings schemes after the budget, the government has increased the investment limit, the interest is also higher
highlights
The interest rate on SCSS has been increased to 8 percent.
Interest is paid quarterly under this scheme.
SCSS comes with a lock-in period of five years.
New Delhi. If you are also looking for an alternative to savings scheme, then let us tell you that Finance Minister Nirmala Sitharaman has made a big announcement regarding small savings schemes in the budget. After this announcement, investing in these schemes can be a profitable deal. The Finance Minister proposed to double the deposit limit for Senior Citizen Savings Scheme (SCSS) and Monthly Income Account Scheme (MIS). Apart from this, ‘Mahila Samman Savings Certificate’ was also introduced for women.
In the budget for the financial year 2023-24, the Finance Minister has proposed to double the deposit limit of Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh. Presenting the budget in Parliament on Wednesday, the Finance Minister announced a special exemption for the elderly, saying that the maximum deposit limit for the Senior Citizens Savings Scheme would be increased from Rs 15 lakh to Rs 30 lakh. Let us know where you will get how much benefit….
read this also: 7.5 percent interest on special savings scheme for women, how much money can be deposited
What changed in the Post Office Monthly Income Scheme (POMIS)
In this post office scheme, the new limit has been increased from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account. Now in the Post Office Monthly Income Scheme, you can invest up to Rs 9 lakh in a single account and up to Rs 15 in a joint account. Under the Post Office Monthly Income Scheme, an account can be opened for just Rs 1000. Any person who has completed 18 years of age can open an account.
read this also: Do you have a PAN card in your pocket, a big announcement was made in the budget regarding this, if you know then you will be in benefit
Women’s Honor Savings Certificate
Deposit facilities will be provided to women and girls through the ‘Mahila Samman Savings Certificate’ small savings scheme. In this, up to Rs 2 lakh can be deposited at a time, on which 7.5 percent interest will be given. Under this scheme, women will be given interest at a fixed rate of 7.5 percent with the option of partial withdrawal. The duration of this scheme has been kept for 2 years. At the same time, facility will be given to deposit an amount of up to Rs 2 lakh in the name of women or girls. In this way, if one invests 2 lakh rupees in this scheme for 2 years, then he will get a total interest of 30 thousand rupees.
Senior Citizen Savings Scheme (SCSS)
The Finance Minister has increased the maximum investment limit in Senior Citizen Savings Scheme (SCSS) from Rs 15 lakh to Rs 30 lakh. Now senior citizens will get the benefit of this. For the quarter ending March 31, 2023, the central government has increased the interest rate on Senior Citizen Savings Scheme (SCSS) to 8 percent. Interest is paid quarterly under this scheme. SCSS comes with a lock-in period of five years. If a person invests Rs 30 lakh at 8% interest, he will get Rs 60,000 interest every quarter. will receive
First read breaking news in Hindi News18 Hindi| Read today’s latest news, live news updates, most reliable Hindi news website News18 Hindi.
Tags: business news in hindi, investment plan, SCSS, Small Savings Schemes, Small Savings Schemes
FIRST PUBLISHED : February 02, 2023, 18:34 IST
