Sounds good: Investment limit for senior citizens increased to Rs 30 lakh

By Express News Service

MUMBAI:  Finance Minister Nirmala Sitharaman has announced a new saving scheme for women that will offer a fixed rate of 7.5%. Available for a 2-year period up to March 2025, Mahila Samman Savings certificate will have an option for partial withdrawal.

“For commemorating Azadi Ka Amrit Mahotsav, a one-time new small saving scheme Mahila Samman Savings certificate will be available for a 2-year period up to March 2025,” said the Finance Minister in her budget speech. “This will offer deposit facility up to Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option,” she added.

Sitharaman also gave a reason to cheer to the senior citizens, as she proposed to double the maximum investment limit for senior citizen saving scheme accounts from Rs  15 lakh to Rs 30 lakh. “The senior citizens saving scheme will be extended for a deposit account of Rs 30 lakh from Rs 15 lakh,” she said.

Similarly, the minister proposed to increase the maximum investment limit in post office Monthly Income Account Scheme to Rs 9 lakh for a single account and Rs 15 lakh for joint accounts.  “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,” she said.

The senior citizens saving scheme offers 8 per cent interest per annum while post office Monthly Income Scheme offers 7.1 per cent interest. Last month, the government announced a hike in small savings interest rates by up to 1.1 percentage points for the January-March quarter. 

MUMBAI:  Finance Minister Nirmala Sitharaman has announced a new saving scheme for women that will offer a fixed rate of 7.5%. Available for a 2-year period up to March 2025, Mahila Samman Savings certificate will have an option for partial withdrawal.

“For commemorating Azadi Ka Amrit Mahotsav, a one-time new small saving scheme Mahila Samman Savings certificate will be available for a 2-year period up to March 2025,” said the Finance Minister in her budget speech. “This will offer deposit facility up to Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option,” she added.

Sitharaman also gave a reason to cheer to the senior citizens, as she proposed to double the maximum investment limit for senior citizen saving scheme accounts from Rs  15 lakh to Rs 30 lakh. “The senior citizens saving scheme will be extended for a deposit account of Rs 30 lakh from Rs 15 lakh,” she said.

Similarly, the minister proposed to increase the maximum investment limit in post office Monthly Income Account Scheme to Rs 9 lakh for a single account and Rs 15 lakh for joint accounts.  “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,” she said.

The senior citizens saving scheme offers 8 per cent interest per annum while post office Monthly Income Scheme offers 7.1 per cent interest. Last month, the government announced a hike in small savings interest rates by up to 1.1 percentage points for the January-March quarter.