The sections on which Finance Minister Nirmala Sitharaman has shown more kindness in the Union Budget 2023 include women and senior citizens. The government is going to start a special deposit scheme for women.
The investment limit has been increased in two schemes considered most beneficial for senior citizens. These include Senior Citizens Savings Scheme ( SCSS ) and Post Office Monthly Income Scheme ( POMIS ). Some people say that the Finance Minister has made these announcements in view of the Lok Sabha elections to be held next year. Whatever may be the objective of the government, it is certain that the common people of the country will get its benefit. especially SCSSWith the increase in the investment limit, a retired person can get a pension of Rs 40,000 per month along with his wife. Let us know how it will happen.
What is scss?
First of all, it is important for you to know the special things about SCSS. Any person who has attained the age of 60 years can open SCSS account in the post office. You can open this account alone or you can open a joint account with your wife. This account can be opened initially for five years. After completion of five years, its period can be extended for three years.
What is the rule now?
At present, an individual is allowed to invest Rs 15 lakh in SCSS. After opening the husband’s account, the wife can also open a separate account. In this way, combining both, now Rs 30 lakh is allowed in SCSS. Many senior citizens are taking advantage of this scheme. This scheme is very popular among retired people. The reason for this is that it is very good in terms of money security. It gets a kind of guarantee from the central government. Elderly people pay more attention to the safety of their money than returns.
What has been announced in the budget?
Nirmala Sitamaran has announced major changes in SCSS in Union Budget 2023 . On February 1, 2023, he said in the budget speech that the limit of Senior Citizens Savings Scheme (SCSS) is being increased. It is being increased from Rs 15 lakh to Rs 30 lakh. This change will come into effect from April 1, 2023.
The government has not yet issued its notification. But, it is expected that she will release soon. After this change, an elderly person will be able to invest Rs 30 lakh in SCSS. He will be able to invest an additional Rs 30 lakh by opening a separate account in the name of his wife. In this way both husband and wife together will be able to invest Rs 60 lakh in this scheme.
This is how you can get a pension of Rs 40,000 per month
Right now the interest rate of SCSS is 8 percent. In this way, the quarterly interest of an account becomes Rs 60,000. Every month it comes to Rs 20,000. If the husband opens a separate account in the name of his wife, the interest increases to Rs 1.20 lakh every quarter.
In this way every month it comes to Rs 40,000. You have to keep in mind that you can withdraw the interest amount quarterly. Secondly, SCSS is included in the small savings schemes of the government. The government decides about the interest rate of these schemes every quarter. Therefore, the interest rate may increase or decrease slightly depending on the financial market conditions.
