Finance Minister Nirmala Sitharaman proposed to double the deposit limit for Senior Citizens Savings Scheme to ₹30 lakh. Photo Credit: PTI
Finance Minister Nirmala Sitharaman on Wednesday proposed doubling the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh.
in his budget speechThe minister also announced a new small savings scheme for women.
“The maximum deposit limit for Senior Citizen Savings Scheme will be increased from Rs 15 lakh to Rs 30 lakh,” the minister said in his 87-minute speech.
He also proposed that the maximum deposit limit for the Monthly Income Account Scheme would be increased 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.
Announcing a new ‘Azadi ka Amrit Mahotsav Mahila Samman Savings Certificate’, Ms Sitharaman said that the new one-time small savings scheme, Mahila Samman Savings Certificate, will be made available for a period of two years till March 2025.
“It will provide deposit facility up to ₹2 lakh in the name of women or girls for a period of 2 years at a fixed interest rate of 7.5% with partial withdrawal option,” he added. The minister also announced that an integrated IT portal would be set up for investors to easily retrieve unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority.