Budget 2023 : The government has made the biggest announcement for senior citizens in the budget. The government has given the biggest benefit in the savings scheme being run for senior citizens.
The government has increased the investment limit in this scheme. This will help senior citizens to increase their income. The government has increased the investment limit in the monthly income scheme from Rs 4.50 to Rs 9 lakh in the budget.
Government gave gift to senior citizens
The government has increased the investment limit for Senior Citizen Saving Scheme (SCSS) from Rs 4.50 lakh to Rs 9 lakh for singles. Earlier this limit was Rs 4.50 lakh for single which has been increased. For joint investment, the limit has been increased from Rs 15 lakh to Rs 30 lakh. Earlier, the limit of investment was Rs 15 lakh for investment in joint account or name of both senior citizen husband and wife.
Interest on Senior Citizen Monthly Income Scheme
The government is paying 7.60 percent interest on the Senior Citizen Monthly Income Scheme. The government had recently increased the interest on it from 7.40 per cent to 7.60 per cent. In this, the benefit of tax exemption is also available under Section 80C of Income Tax on investment.
