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What's in store for senior citizens and women?

Budget 2023 introduced a standard deduction of 50,000 for individuals opting for the New Tax Regime (NTR).

The investment limit for Senior Citizen Saving Schemes (SCSS) has been doubled from 15 lakhs to 30 lakhs with an assured interest rate of 8% per annum.


The investment limit for Post Office Monthly Income Scheme (PMOIS) is  9 lakhs for single accounts and 15 lakhs for joint accounts with an assured interest rate of 7.1% per annum.

Tax benefits under Section 80C are only available to those opting for the old tax regime.


A new scheme - Mahila Samman Savings Certificate - has been introduced in the budget 2023, allowing women to save up to 2 lakhs with an assured interest rate of 7.5% per annum.


 These schemes help senior citizens, pensioners and women to fight inflation and secure their future financially.


Through these measures, the government encourages people to save and invest more for their future objectives.


Click here to know more about the Budget highlights.

Check here for more budget related stories.


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