Senior Citizen Saving Scheme (SCSS), Post Office Monthly Income Scheme (POMIS) deposit limits hiked

Check Budget 2023 impact on SSY, PPF, SCSS, Mutual Fund, Fixed Deposit, NSC, ELSS Saving/Investment Schemes

Budget 2023, Budget 2023 traditions, union budget, nirmala sitharaman, nirmala sitharaman budget traditions, all about Budget 2023
Budget 2023 announcements include boosting ease of doing business in India. (Image courtesy: Reuters)

Budget 2023 impact on investment/saving schemes: Finance Minister Nirmala Sitharaman has raised deposit limits under Senior Citizens Savings Scheme and Post Office Monthly Income Scheme (POMIS).

SCSS deposit limit has been raised to Rs 30 lakh while POMIS limit has been doubled from Rs 4.5 lakh to Rs 9 lakh. (Check calculation: How much income Rs 30 lakh in SCSS will give)

FM Sithararaman was expected to increase the Section 80C deduction limit. Ahead of the Budget Speech 2023, several experts suggested that the Government should enhance the deduction limit under Section 80C to at least Rs 2 lakh from the current Rs 1.5 lakh per year.

If the Government accepts this suggestion then depositors of several small saving schemes will benefit. This article will take a look at how Budget 2023 will impact the following saving/investment schemes. Following are the details of what has changed in Budget 2023. Also read our Budget 2023 Income Tax Live Blog.

Budget Impact on Senior Citizens Savings Scheme (SCSS)

FM Sitharaman has raised Senior Citizens Savings Scheme (SCSS) deposit limit to Rs 30 lakh for senior citizens.

Post Office Monthly Income Scheme

FM has proposed to raise deposit limit under Post Office Monthly Income Scheme to Rs 9 lakh for single account and Rs 15 lakh for joint accounts.

Budget Impact on Sukanya Samriddi Yojana

No Change

Budget Impact on Public Provident Fund (PPF)

No Change

Budget Impact on Senior Citizens Savings Scheme (SCSS)

No Change

Check: Income Tax Calculator for AY 2023-24

Budget Impact on Mutual Fund Investors

No Change

Budget Impact on National Savings Certificates

No Change

Budget Impact on Fixed Deposit

No Change

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 01-02-2023 at 10:10 IST