Centre aims to mop up Rs 75,000 cr from senior citizen savings scheme

Not to overshoot FY24 net borrowing target of Rs 11.8 trn

Manojit Saha New Delhi
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The allocation to NHAI has been increased to Rs 1.62 trillion

The maximum investable amount of the senior citizen savings scheme (SCSS) — enhanced from Rs 15 lakh to Rs 30 lakh in the Union Budget 2023-24 (FY24) — could mobilise Rs 75,000 crore. This will help the government avoid overshooting the projected net market borrowing of Rs 11.8 trillion for FY24, said a government source.
According to government sources, there are 5 million accounts under SCSS, of which 500,000 had hit the previous upper limit of Rs 15 lakh.

“If just 10 per cent of account holders increase their deposits to Rs 30 lakh, that will mobilise Rs 75,000 crore. With the kind of allocation made to the Indian Railways, the National Highways Authority of India (NHAI), and state governments, there is no reason for them to come to the market,” said a government official.

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First Published: Feb 16 2023 | 8:49 PM IST

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