Many of these provisions are being put in place by the government for the everyday citizen in the budget. Finance Minister Nirmala S. Sitharaman has made an important announcement in the general budget of 2023 to seniors and providing relief to those who pay income tax as part of the new tax system. The maximum investment limit in Senior Citizen Saving Scheme is now the amount of Rs 30 lakh. Prior to this, the limit was 15 lakh.
The rate of interest has been increased also
for the quarter that ended March 31, 2023, the rate of an interest rate for the scheme has been raised up to 8 percent, by the government. Prior to the 1st of January, 2023 interest was offered in this government scheme at 7.6 percent per year. As a result of raising the maximum investment limit as well as raising the annual interest rate the amount of money earned by seniors each month through interest will increase by a factor of two from the time before.
What will be the gain?
In the past, when you invested Rs 15 lakh in this scheme, at an amount that was 7.6 percent, 20.70 lakh was paid at the date of maturity. This is 1.14 lakh per year or 9.5 000 per month. However, if you increase the limit of investment and interest rate, a deposit of Rs 30 lakh, you will receive a total amount to be Rs 42 lakh, with an interest rate of 12 lakh at an expiry of 5 years. It’s 2.4 lakhs annually in addition to 20000 a month. This is in contrast to the previous nine and one-half thousand rupees. the elderly will now have the option of 20 thousand.
What is the scheme?
“Senior Citizen Savings Scheme” is a government-run scheme to assist the senior citizens of the country. The reason for launching the scheme is to offer assistance to retirees. Through this scheme, seniors receive cash in the form of the amount of interest each month.
For the tax Rebate for the Senior Citizen Savings Scheme of up to 1.5 lahks
The government changes the interest rate every quarter. In this case, spouses and husbands are able to create a single or joint account. It is unique because, in Section 80C under the Income Tax Act, you are eligible for tax deductions of up to 1.5 lakh when you invest in the account.
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