Union Budget 2023: Deposit Limit of Senior Citizens’ Deposit Scheme Doubled to Rs 30 lakh

New Delhi: In the Union Budget 2023, the Union Finance Minister Nirmala Sitharaman has declared to double the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh. She also announced a new small savings scheme for women.

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

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.

She also announced introduction of the new ‘Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra’, This one-time new small savings scheme named Mahila Samman Savings Certificate, would be made available for a two-year period up to March 2025. Under this savings scheme, up to Rs 2 lakh can be deposited in the name of women or girls for two years at a fixed interest rate of 7.5 per cent with partial withdrawal option.