In a big benefit for senior citizens, the deposit limit in two popular schemes, Senior Citizens Saving Scheme (SCSS) and Monthly Income Scheme (MIS), has been increased significantly. In case of an individual SCSS account, the deposit limit has been raised from the current Rs.15 lakh to Rs.30 lakh.
In case of the Post Office Monthly Income Scheme, the individual limit has been raised from Rs.4.5 lakh to Rs 9 lakh, and in case of joint account, the limit has been raised from Rs.9 lakh to Rs.15 lakh.
The current interest rate for SCSS is 8% for the Jan-March 2023 quarter, while the MIS rate is 7.1%.