Union Minister of Finance Nirmala Sitharaman while presenting Budget 2023 has proposed certain new investment options and also increased maximum limit of certain existing investments.
Mahila Samman Savings Certificate
For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. 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.
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The maximum deposit limit for Senior Citizen Savings Scheme is proposed to be enhanced from Rs 15 lakh to Rs 30 lakh.
Post Office Monthly Income Account Scheme
The maximum deposit limit for Monthly Income Account Scheme is proposed to 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.
Abhishek Dev, Epsilon Money Mart says, “Increase in Small Savings investment limits for Senior Citizen and introduction of a new Specific Small Savings scheme for Women is a great initiative to help protect retirement corpus and income for senior citizen and increased financial savings habits, inclusion and financial independence for women. These steps will help further strenghen our society’s financial health.”
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