Small savings schemes are a great way to invest and save money. With the recent changes in the Budget 2023, the limits and interests of these schemes have been increased.
In the Budget 2023, the limit of the Senior Citizen Savings Scheme and the Monthly Account has been increased to Rs 30 lakh from Rs 15 lakh, allowing for more investment opportunities for senior citizens. For a single account under MIS, a deposit of Rs 9 lakh is allowed.
The National Savings Account or Monthly Income Account has also seen an increase in the limit of depositing money to Rs 15 lakh for joint accounts, with an investment limit of Rs 9 lakh for single accounts. The annual interest on this scheme is 7.1 percent.
The Time Deposit scheme allows for money to be deposited for 1, 2, 3, or 5 years with an interest rate of up to 7 percent. The Senior Citizen Savings Scheme offers an 8 percent annual interest rate with a limit of Rs 30 lakh.
National Savings Certificates allow for unlimited deposit amounts, with an annual return of up to 7 percent and a maturity period of 5 years. The Public Provident Fund offers a tax-free investment opportunity with an annual limit of Rs 1.5 lakh and an interest rate of 7.1 percent. Its maturity is 15 years, with the option to extend for an additional 5-5 years.
Investing in these small savings schemes can be a great opportunity to save money and earn a good return. With the recent changes and increased limits and interests, it is a good time to plan and invest in these schemes.
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