On 1st February, The Finance Minister Nirmala Sitharaman has presented the budget for 2023- 2024. In which she also promulgated a special small savings scheme for women, which proffer 7.5 per cent interest rate on deposit of up to Rs 2 lakh for a time period of two years.
She also talked about the scheme Mahila Samman Saving Certificate and saving schemes under the first budget of Amrit Kaal. Finance Minister while delivering a people- centric budget, she introduced a new income tax structure for citizens in numerous categories.
Finance Minister Nirmala Sitharaman raised the expenses on roads and energy and proffered a plenty of subsidies for Poor citizens.
Here Check the New Changes in Saving Scheme
- Senior Citizen Saving Schemes –
1. Finance Minister Sitharaman promulgated that the deposit limit for these schemes will be doubled to Rs 30 lakh from actual and current limit of Rs 15 lakh.
2. For monthly income account scheme to Rs 9 lakh from actual and current Rs 4.5 lakh.
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Saving Schemes for Individuals
1. Finance Minister Sitharaman promulgated the increase in maximum deposit limit of Post Office Monthly Income Scheme.
2. As per the new Budget 2023, the maximum limit in central government- backed small saving scheme will now be Rs 9 lakh. Earlier the maximum limit for this scheme was Rs 4.5 Lakh- this is for single account holder.
3. And Rs 15 lakh – From actual and current limit of Rs 9 lakh- for Joint account holders.
4. The maximum deposit limit for monthly income account scheme will be increased from Rs 4.5 lakh to Rs 9 lakh for single account whereas, for joint account the limit for monthly income account increased from Rs 9 lakh to Rs 15 lakh.
Saving Scheme for Women – Mahila Samman Savings Certificate
- It offers 7.5 percent interest rate on deposit of up to Rs 2 lakh for a time period of 2 years.
- This scheme has been called as ‘Mahila Samman Savings Certificate.
- This scheme does not allow tax benefits, partial withdraws are permitted.
At the time of making New Tax Regime the default system for taxation, Finance Minister increased the tax rebate limit from Rs 5 lakh to Rs 7 lakh.
