Post Office Schemes: The Union Budget 2023, which was presented by Finance Minister Nirmala Sitharaman on 1 February 2023, made several announcements and changes, including changes in two of the most popular post office schemes. A new scheme for women investors was also announced in the Union Budget 2023. What are those two schemes, which will change.
Senior Citizen Savings Scheme (SCSS)
In Budget 2023, the investment cap for SCSS has been increased from Rs 15 lakh to Rs 30 lakh. The government-backed scheme was established in 2004 with the aim of giving senior citizens a reliable and secure source of income for their post-retirement period. SCSS interest rate is 8 per cent for the January-March quarter.
This fixed interest rate will be available for 5 years with a minimum deposit of Rs.1000. However, interest received from Senior Citizen Savings Scheme is not tax-free.
Post Office Monthly Income Scheme (POMIS)
As announced in the Union Budget 2023, the limit for a single account holder for the Post Office Monthly Income Scheme (POMIS) has been increased from Rs 4 lakh to Rs 9 lakh. In case of joint account holding, the limit has been raised from Rs 9 lakh to Rs 15 lakh.
POMIS investors will receive interest payments every month at a rate that will be updated regularly by the government. Currently, the interest rate for the period between January to March 2023 is 7.1 per cent. An MIS account is valid for five years.
Mahila Samman Savings Certificate
Finance Minister Nirmala Sitharaman launched the Mahila Samman Savings Certificate Scheme for women investors in the Union Budget 2023. This is a one time short term scheme which will be available for two years. But, the department has not yet made any official announcement nor given any details related to it.
According to Sitharaman, ‘to celebrate the elixir of independence, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a period of two years till March 2025. It will provide deposit facility up to Rs 2 lakh in the name of women or girls for a period of 2 years at a fixed interest rate of 7.5 per cent with partial withdrawal option.
