Schemes: Changes in these schemes in Budget 2023, know
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Indian Finance Minister, Nirmala Sitharaman has recently presented the Budget 2023 and changes have been made in the deposit limits of Senior Citizen Savings Scheme (SCSS) and Post Office Monthly Income Scheme (POMIS). The deposit limit for SCSS has been increased to Rs 30 lakh and for POMIS the deposit limit has been increased from Rs 4.5 lakh to Rs 9 lakh. The limit for joint accounts under POMIS has been fixed at Rs 15.
Experts suggested that ahead of the budget speech, the government should increase the Section 80C deduction limit to Rs 2 lakh from the existing limit of Rs 1.5 lakh and if the suggestion is approved, depositors of several small savings schemes would benefit. Budget 2023 did not affect other savings and investment schemes such as Sukanya Samriddhi Yojana, Public Provident Fund (PPF), National Savings Certificates, fixed deposits and mutual funds.
The increased deposit limit for SCSS and POMIS will provide more investment opportunities to senior citizens and help them save for the future. This change in deposit limit is a positive step towards helping citizens to maximize their investments and secure their retirement.
Interest rates may fluctuate even if the deposit limit is increased, so it is best to speak to your financial advisor first. Budget 2023 has been a mixed bag for investors and servicers, but it is important to carefully evaluate all the options and make an informed decision.
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