POMIS & SCSS Investment Limit Increased by 100% in the Budget 2023. As per budget statement by Finance Minister, the deposit limit in the Senior Citizens’ Saving Scheme (SCSS) and the Post Office Monthly Income Scheme (POMIS) has been doubled to Rs 30 Lacs and Rs 15 Lacs respectively. This will boost the investment income of the Senior Citizen by double if invested fully.
Know – Revised Small Savings Schemes Interest Rates 2023
New Investment Limit of Senior Citizens’ Saving Scheme (SCSS)
Key Highlights :
- The deposit limit has been raised from Rs.15 lakh to Rs.30 lakh.
- If a person deposited the maximum amount of Rs.15 lakh for five years, the interest income would be Rs.1.2 lakh, or Rs.6 lakh in five years, at the rate of 8% (for January-March 2023 quarter).
- With enhanced limit, this amount will now rise to Rs.2.4 lakh a year, or Rs.12 lakh in five years.
- For a couple, with each partner fully invested, Rs.60 lakh would result in an annual income of Rs.4.8 lakh, or Rs.24 lakh in five years.
New Investment Limit of POMIS
- The individual account limit has been raised from Rs.4.5 lakh to Rs.9 lakh,
- For joint account, the amount has been increased from Rs.9 lakh to Rs.15 lakh.
- Earlier ROI at 7.1%, the income of Rs.2,662 a month, or Rs.31,950 a year, for a deposit of Rs.4.5 lakh,
- Now Income would go up to Rs.5,325 a month, or Rs.63,900 a year.
- For a joint account, this income would be Rs.10,650 a month, or Rs.1,27,800 a year.
The POMIS & SCSS Investment Limit Increased has given a lot of relief to senior citizen in long term and to maintain saving in higher inflation.