Adani Enterp. 2515.95↓-18.10(-0.71%)
Adani Ports 733.65↓-3.85(-0.52%)
Apollo Hospitals 4685.00↑44.55(0.96%)
Asian Paints 3152.00↑14.60(0.47%)
Axis Bank 935.50↑5.70(0.61%)
B P C L 360.75↓-0.95(-0.26%)
Bajaj Auto 4599.00↓-19.50(-0.42%)
Bajaj Finance 6970.45↑38.40(0.55%)
Bajaj Finserv 1451.65↑2.10(0.14%)
Bharti Airtel 821.20↓-0.05(-0.01%)
Britannia Inds. 4572.05↓-3.20(-0.07%)
Cipla 960.15↑3.90(0.41%)
Coal India 245.00↓-1.10(-0.45%)
Divi's Lab. 3457.70↓-20.15(-0.58%)
Dr Reddy's Labs 4519.00↓-37.25(-0.82%)
Eicher Motors 3696.15↓-15.30(-0.41%)
Grasim Inds 1720.60↑7.30(0.43%)
H D F C 2677.20↓-13.35(-0.50%)
HCL Technologies 1140.95↑14.75(1.31%)
HDFC Bank 1630.00↓-5.50(-0.34%)
HDFC Life Insur. 572.65↓-6.40(-1.11%)
Hero Motocorp 2789.20↑12.30(0.44%)
Hind. Unilever 2658.50↑8.20(0.31%)
Hindalco Inds. 412.50↓-7.40(-1.76%)
ICICI Bank 947.25↓-0.90(-0.09%)
IndusInd Bank 1291.75↑6.80(0.53%)
Infosys 1316.70↑2.30(0.17%)
ITC 450.20↑1.10(0.24%)
JSW Steel 705.50↑3.30(0.47%)
Kotak Mah. Bank 1969.45↑16.25(0.83%)
Larsen & Toubro 2212.75↓-11.80(-0.53%)
M & M 1329.85↓-0.30(-0.02%)
Maruti Suzuki 9379.85↑46.35(0.50%)
Nestle India 21575.90↓-153.55(-0.71%)
NTPC 176.25↓-0.05(-0.03%)
O N G C 158.35↓-0.65(-0.41%)
Power Grid Corpn 235.15↑0.65(0.28%)
Reliance Industr 2525.00↑4.40(0.17%)
SBI Life Insuran 1214.00↓-4.10(-0.34%)
St Bk of India 593.55↓-1.45(-0.24%)
Sun Pharma.Inds. 962.50↓-5.95(-0.61%)
Tata Consumer 792.40↓-1.85(-0.23%)
Tata Motors 518.90↓-2.55(-0.49%)
Tata Steel 107.45↓-1.00(-0.92%)
TCS 3311.55↓-8.80(-0.27%)
Tech Mahindra 1102.90↓-11.15(-1.00%)
Titan Company 2809.50↓-2.75(-0.10%)
UltraTech Cem. 7921.15↑80.60(1.03%)
UPL 688.65↓-1.35(-0.20%)
Wipro 403.45↑3.65(0.91%)

Senior citizens scheme sees investment of over Rs 10,000 crore in April

The interest rate for SCSS was increased to 8.2% from 8%, and that of the monthly income scheme was increased to 7.4% from 7.1%

Premium

For the NSSF, the Centre expects net receipts – or the amount out of the total NSSF corpus that will be used to finance the deficit – of Rs 4.71 trillion, as per Budget documents

3 min read Last Updated : May 18 2023 | 8:46 PM IST

Listen to This Article

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.