After the rise in interest rates of small savings schemes early this year, another bonanza has been delivered for senior citizens by the Budget. The deposit limit in the Senior Citizens' Saving Scheme (SCSS) and the Post Office Monthly Income Scheme (POMIS) has been doubled, allowing the seniors to potentially increase their income from interest by 100% if fully invested.

For an individual SCSS account holder, the deposit limit has been raised from lakh to ₹30 lakh. So earlier, if a person deposited the maximum amount of ₹15 lakh for five years, he could earn an annual interest income of ₹1.2 lakh, or ₹6 lakh in five years, at the rate of 8% (for January-March 2023 quarter). This amount will now rise to ₹2.4 lakh a year, or ₹12 lakh in five years. For a couple, with each partner fully invested, ₹60 lakh would result in an annual income of ₹4.8 lakh, or ₹24 lakh in five years.

In case of POMIS, the individual account limit has been raised from ₹4.5 lakh to ₹9 lakh, and for a joint account, the amount has been increased from ₹9 lakh to ₹15 lakh. At an interest rate of 7.1%, the earlier income of ₹2,662 a month, or ₹31,950 a year, for a deposit of ₹4.5 lakh, would now shoot up to ₹5,325 a month, or ₹63,900 a year. For a joint account, this income would be ₹10,650 a month, or ₹1,27,800 a year.


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Double Your Income Senior Citizens: Budget Boosts SCSS & POMIS deposit Limits! by #switrad

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