Investment limit increased from 15 lakh to 30 lakh

In this budget, Finance Minister Nirmala Sitharaman had made a big announcement for senior citizens along with implementing the new tax regime. Under this, the investment limit in Senior Citizen Savings Scheme (SCSS) was increased from Rs 15 lakh to Rs 30 lakh.

With this change, senior citizens are getting more return on investment than before. In the quarter ending September, the interest rate has been increased to 8.2 percent. It was 8 percent in the previous quarter. Before that, its interest rate was 7.6 percent and the investment limit was Rs 15 lakh.

Earlier there was a benefit of 9500 every month, due to increasing the maximum investment limit and increasing the interest rate, the income earned by senior citizens every month in the form of interest has more than doubled from before. Earlier, investing Rs 15 lakh in the scheme fetched Rs 20.70 lakh on maturity at 7.6 percent interest. Which used to be 1.14 lakhs annually and 9500 rupees monthly.

Now there will be a benefit of Rs 20500.

On increasing the investment limit to Rs 30 lakh from the Finance Minister and increasing the interest rate to 8.2 percent, on the maturity of five years, a total of Rs 42.30 lakh will be received with interest of Rs 12.30 lakh. If calculated on its annual basis, then it becomes 2 lakh 46 thousand rupees and 20500 rupees on monthly basis. That is, after the announcement of the Finance Minister, now senior citizens will get Rs 20,500 as compared to the earlier Rs 9,500.

What is the scheme

‘Senior Citizen Savings Scheme’ is run by the government for the elderly citizens of the country. The purpose of starting this scheme is to provide financial help to retired persons. Under the scheme, senior citizens get money in the form of interest every month.

In the Tax Rebate

Senior Citizen Savings Scheme of up to 1.5 lakh, the government revises the interest rate on a quarterly basis. In this, both husband and wife can open a single account or joint account with each other. The special thing is that under Section 80C of the Income Tax Act, you can get tax rebate of up to Rs 1.5 lakh on investing in it.

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Senior Citizen Saving Scheme Calculator: Many such provisions have been made by the government for the common man in this budget. Finance Minister Nirmala Sitharaman has made a tremendous announcement in the 2023 general budget for senior citizens along with giving relief to income tax payers under the new tax regime. Under this, the maximum investment in Senior Citizen Savings Scheme (SC SS) has been increased to Rs 30 lakh. Earlier this limit was Rs 15 lakh.

Interest rate also increased

For the quarter ending March 31, 2023, the interest rate on this scheme has been increased to 8 percent by the government. Before January 1, 2023, interest was available on this government scheme at the rate of 7.6 percent per annum. In view of increasing the maximum investment limit and increasing the annual interest rate, the income earned by senior citizens every month in the form of interest will double from before.

How much will be the benefit

Earlier, on investing Rs 15 lakh in this scheme, at the rate of 7.6 percent, Rs 20.70 lakh was received at the time of maturity. Which is 1.14 lakh per annum and 9.5 thousand per month. But on increasing the investment limit and interest rate, depositing Rs 30 lakh will get a total of Rs 42 lakh with interest of Rs 12 lakh on maturity of five years. It is 2.4 lakhs on annual basis and 20 thousand rupees monthly. That is, in comparison to the earlier nine and a half thousand rupees, now senior citizens will be able to get 20 thousand.

Wwhat is the plan

The ‘Senior Citizen Savings Scheme’ is run by the government for the elderly citizens of the country. The purpose of starting this scheme is to provide financial help to retired persons. Under the scheme, senior citizens get money in the form of interest every month.

Tax rebate up to 1.5 lakh

In the Senior Citizen Savings Scheme, the interest rate is revised on a quarterly basis by the government. In this, both husband and wife can open a single account or joint account with each other. The special thing is that under Section 80C of the Income Tax Act, you can get tax rebate of up to Rs 1.5 lakh on investing in it.

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