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Is senior citizens’ savings scheme now large enough to meet financial goals of elderly?

In the Budget 2023 recently, FM raised the maximum deposit limit for senior citizens from 15 lakh to 30 lakh.

one person is allowed to keep a total of 30 lakh, the couple can together have a total of 60 lakh (30 X 2) in a joint account.

Wealth advisors believe that this corpus, although not sufficient to meet all the financial goals of elderly people, is large enough nevertheless.

Senior citizens’ savings scheme account is a post office savings scheme that can be opened individually or jointly with spouse. 

An account holder must be above the age of 60 or above 55 so long as s/he has taken a voluntary retirement.

The minimum deposit amount is rupees 1,000 while the maximum amount is 30 lakh.


Currently, the interest offered on the scheme is 8 percent per annum until Mar 31, 2023.

The interest is payable on the 1st working day of April, July, October and January.

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Budget 2023: Is SCSS now large enough to meet financial goals of elderly? Check here

In the Budget 2023, Union Finance Minister raised the maximum deposit limit for senior citizens from ₹15 lakh to ₹30 lakh. Can this now meet all the financial needs of elderly people in their retirement years?

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