A great way to invest and save money is through small savings schemes. The limits and interests of these schemes have increased as a result of recent changes made to the Budget for 2023.
The Senior Citizen Savings Scheme and Monthly Account limit was increased from Rs 15 lakh to Rs 30 lakh in the Budget of 2023, making it possible for senior citizens to take advantage of more investment opportunities. A deposit of Rs 9 lakh is allowed for a single MIS account.
The deposit limit for the National Savings Account or Monthly Income Account has also been raised to Rs 15 lakh for joint accounts, while the investment limit for single accounts is Rs 9 lakh. The scheme’s annual interest rate is 7.1%.
Money can be deposited under the Time Deposit plan for one, two, three, or five years at an interest rate of up to 7%. With a limit of Rs 30 lakh, the Senior Citizen Savings Scheme offers an annual interest rate of 8%.
With a five-year maturity period and an annual return of up to 7%, National Savings Certificates allow for unlimited deposits. The Public Provident Fund provides investors with a tax-free opportunity to invest, with an annual limit of Rs 1.5 lakh and a 7.1% interest rate. It has a 15-year maturity period that can be extended by 5 to 5 years.
Saving money and getting a good return can come from investing in these small savings programs. It is a good time to plan and invest in these schemes given the recent changes and increased limits and interests.
