Senior Citizen Savings Scheme deposits rise during note ban

The Senior Citizen Savings Scheme witnessed a surge in deposits post-demonetisation with 32,634 deposits made during November 9 to December 30, 2016, Parliament was informed on Friday.

"32,634 deposits were made in the Senior Citizen Savings Scheme during demonetisation period which is higher than the average deposits in two months of the pre-demonetisation period based on the figures of last three years," Communications Minister Manoj Sinha said in a written reply in Rajya Sabha.

No survey was conducted in this regard, the minister pointed out. Also, the government is not considering any proposal to include more benefits in the Senior Citizen Savings Scheme, he added. The Post Office Senior Citizen Savings Scheme was availed by 3.10 lakh individuals in 2015-16, against 88,208 in 2014-15, and 1.22 lakh individuals in 2013-14, according to information shared by the minister.