The government’s decision to expand the upper limit of the Senior Citizens Savings Scheme (SCSS) and hike the interest rate appears to have worked, with the scheme having garnered upwards of Rs 10,000 crore in April, the first month of financial year 2023-24 (FY24), Business Standard has learnt. This is more than three times the amount the scheme received in previous years.
“We are seeing a bonanza and have got a very good report in the first month of the expanded senior citizen scheme. It was in excess of Rs 10,000 crore. Normally in the past, for the first month, we have had around Rs 3,000 crore,” a top official said.
Union Finance Minister Nirmala Sitharaman in her Budget speech increased the maximum deposit limit for SCSS to Rs 30 lakh from Rs 15 lakh and for Monthly Income Account Scheme to Rs 9 lakh from Rs 4.5 lakh for single accounts and to Rs 15 lakh from Rs 9 lakh for joint accounts.
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