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02 February 2023

Budget 2023: SCSS, MIS and Mahila Samman Saving Certificate update

There are some major announced in budget 2023 in respect of Small Saving Scheme in Post Office which are beneficial for the customers. Summary of the schemes

and update are as under-

1. SCSS (Senior Citizen Saving Scheme): 

The maximum limit to open Senior Citizen Saving Scheme (SCSS) is doubled with 30 lakh. previously the limit was 15 lakh for a person. This way senior citizen can increase their earning potential. 

How much interest an SCSS account holder can earn now- As the current interest rate is 8% and the maximum investment limit is 30 lakh, the interest of ₹60,000/- per quarter with 30 lakh investment amount can be earned.

2. MIS (Monthly Saving Scheme):

Maximum investment limit is increased with Rs. 9 Lakh for single account and Rs. 15 lakh for joint account.

Previously the maximum limit for single account was ₹4.5 lakh and for Joint account was ₹9 lakh which is almost doubled. This way the inverters can increase their income through small saving schemes.

3. Mahila Samman Saving Certificate: 

  • This is a unique one time small deposit program for women or girl. 
  • The maximum limit to invest in is ₹2 lakh. 
  • The interest rate on this certificate will be 7.5% with fixed rate. 
  • Partial withdrawal can be taken in this scheme.

 

 


 

 

 

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