The Central budget for 2023-24 has given a big relief to the senior citizens retired after working in private sector by increasing the senior citizens saving scheme (SCSS) from Rs 15 lakh to Rs 30 lakh and post office monthly income scheme with 8 percent interest is enhanced from Rs 4.5 lakh to Rs 9 lakh with 7.1 percent interest. The two schemes will help to get monthly income to the senior citizens of private sector. It means a senior citizen can deposit 39 lakh and he will get nearly Rs 24,000 per month. The salaried people will also get a little bit relief with the increasing of basic income tax exemption from Rs 2.5 lakh to Rs 3 lakh per anum.
The Union Finance Minister Nirmala Sitharaman introduced Mahila Savings Samman Certificate for the middle class women and they can get 7.5 percent interest on Rs 2 lakh deposit and the scheme will be available up to March 25.