Last Updated on February 1, 2023 at 11:29 pm
Three major changes have been proposed in Budget 2023 for senior citizens.
Senior Citizen Savings Scheme: The maximum deposit limit for Senior Citizen Savings Scheme has been enhanced from 15 lakhs to 30 lakhs. The entire amount invested is attributed to the first holder. So a husband can open an account for 30 lakhs, and a wife can open a second account for 30 lakhs.
Monthly income Scheme: The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs. 4.5 lakh to Rs. 9 lakhs for single accounts and from Rs 9 lakh to Rs 15 lakh for joint accounts. It is not clear if these limits are applicable for anyone or only for senior citizens. Until there is clarity, is it better to assume that they are only applicable for senior citizens as per the grouping in the budget speech.
Now another Rs. 15 lakhs per person can be invested in PM Vaya Vandana Yojana; then there is RBI retail direct where there is no limit. See: How I used RBI Retail Direct to buy govt. Bonds and create an income source.
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Thus a maximum of 60 lakhs in the Senior Citizen Savings Scheme + Rs. 15 lakhs in PO MIS + Rs. 30 Lkahs in the PM Vaya Vandana Yojana can be invested in small savings schemes alone. This is fantastic news for senior citizens!
Family pension of up to Rs. 15,000 will not be taxed in the new tax regime as well.
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