Post Office Scheme: If you like to invest in post office schemes, then by investing in these three post office schemes, your income will also double.
If you are an individual investing in Senior Citizens Savings Scheme (SCSS) or Post Office Monthly Income Scheme (POMIS) or planning to do so, there are a few important things you need to keep in mind. The Union Budget 2023 made some changes in two of the most popular post office schemes and even introduced a new scheme for women investors.
In Budget 2023, the Senior Citizens Savings Scheme (SCSS) investment cap was increased from Rs 15 lakh to Rs 30 lakh. Explain that the Senior Citizens Savings Scheme (SCSS) was established in 2004 with the aim of providing senior citizens a reliable and secure source of income for their post-retirement years. The interest rate offered on SCSS for this January-March quarter is 8%. SCSS interest rate has been fixed for 5 years with a minimum of Rs 1000 and multiples of 1000. This savings scheme is not tax free for senior citizens.
Post Office Monthly Income Scheme
According to Budget 2023, the limit for a single account holder for the Post Office Monthly Income Scheme (POMIS) has been increased from Rs 4.5 lakh to Rs 9 lakh. The investment limit for joint account holder has been increased from Rs 9 lakh to Rs 15 lakh. Interest will be paid every month to the investors of the Monthly Income Scheme.
Explain that the interest rate for this scheme is regularly fixed by the government. Currently, the interest rate for the period January to March 2023 is 7.1%. An MIS account is valid for five years. If it is closed after 3 years but before 5 years from the date of opening, a penalty of 1% of the principal will be levied.
Mahila Samman Savings Certificate
Mahila Samman Savings Certificate was announced for women investors in the Union Budget 2023 presented this year. This is a one time short term savings scheme which will be available for two years. But the department has not yet made any official announcement regarding this scheme nor given any details. According to the Finance Minister, to celebrate the Amrit Mahotsav of Independence, a one-time new small savings scheme Mahila Samman Savings Certificate will be made available for a period of two years till March 2025.
