Golden opportunity for retired and senior citizens to invest in small savings schemes

The government has become kind to the investors of small savings schemes. The government has given a golden opportunity to invest especially to the retired and senior citizens in this budget, in which they can get good returns on their investment without any risk.

Feb 2, 2023 - 21:16
Golden opportunity for retired and senior citizens to invest in small savings schemes

Presenting the budget for the financial year 2023-24, Finance Minister Nirmala Sitharaman has given a golden opportunity to retired and senior citizens to invest. As a result, the Finance Minister has increased the maximum deposit limit for Senior Citizens Savings Scheme (SCSS) from Rs 15 lakh to Rs 30 lakh. Along with this, the limit of the Monthly Income Account Scheme has been increased from Rs.4.5 lakh to Rs.9 lakh. After this announcement of the government, now retired and senior citizens will be able to invest more and more money in the SCSS scheme without any risk in their investment and get good returns in the financial year starting from 1st April.

Senior Citizen Savings Scheme (SCSS) was launched in 2004 for the senior citizens of the country, with the objective of providing financial assistance to retired and senior citizens. SCSS provides tax exemption to senior citizens with good returns without any risk in investment. In this scheme, any senior citizen of the country can invest in this scheme through any post office or bank.

Senior Citizen Savings Scheme (SCSS) pays interest every three months at 8% per annum. Like other tax saving schemes, it also has a lock-in period of five years. That is, you cannot withdraw the money invested in it for 5 years. However, in many emergencies, early withdrawals can be made. Only senior citizens above 60 years of age and retired persons above 55 years can invest in this scheme.

Finance Minister Nirmala Sitharaman has announced a new savings scheme to strengthen women financially, which has been named 'Mahila Samman Bachat Patra Yojana'. In this, women will get 7.5% interest on savings of Rs 2 lakh.

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