Budget 2023: Government raises interest rate on Senior Citizens' Savings Scheme to 8%; all you need to know

The Union Finance Minister Nirmala Sitharaman announced reforms in the Budget 2023, allowing senior citizens to save and invest more for their future. The Senior Citizens' Savings Scheme (SCSS) has been enhanced from ₹15 lakh to ₹30 lakh, with an interest rate of 8%. The maximum deposit limit for the monthly income accounts scheme has also been increased from ₹4.5 lakh to ₹9 lakh for single accounts and ₹9 lakh to ₹15 lakh for joint accounts.

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Budget 2023: Government raises interest rate on Senior Citizens' Savings Scheme to 8%; all you need to know