SENIOR CITIZEN SAVINGS SCHEME SOARS OVER TWO TIMES
Published By MintGenie Team | 28 Feb, 2024
Surge in Savings Schemes Inflows
Inflows into Senior Citizen Savings Scheme and Monthly Income Scheme have increased significantly during the current fiscal year.
Credit : PIXABAY
Collection Figures
Collection through SCSS reached ₹90,000 crore, compared to ₹37,000 crore in FY23. Similarly, MIS collection rose to nearly ₹20,000 crore from ₹5,000 crore in FY23.
Credit : PEXELS
Mahila Samman Savings Certificate
Launched in the current fiscal, the Mahila Samman Savings Certificate has garnered over ₹19,000 crore.
Credit : PIXABAY
Scheme Enhancements
The maximum deposit limit for SCSS has been raised to ₹30 lakh from ₹15 lakh, effective from April 1, 2023. MIS limits have also been increased.
Credit : PIXABAY
Mahila Samman Scheme Details
The Mahila Samman Savings Certificate aims to empower women financially and offers a fixed interest rate of 7.5% for a two-year tenor.
Credit : PIXABAY
Progress Towards Collection Targets
Against the Revised Estimate target of ₹4.37-lakh crore, the mobilised amount till early February was ₹2.76-lakh crore, indicating 64% of the target achieved.
Credit : PEXELS
Comparison with Previous Fiscal Year
During the corresponding period of FY23, the mobilised amount was ₹1.91-lakh crore, highlighting significant growth.
Credit : PIXABAY
Composition of Small Savings Schemes
The small savings schemes basket includes instruments like NSC, PPF, KVP, and Sukanya Samriddhi Scheme.
Credit : PIXABAY
Interest Rate Adjustment
The government resets the interest rate for small savings schemes at the beginning of every quarter.
Credit : PIXABAY
Significance of Enhanced Limits
The increase in deposit limits and introduction of new schemes have contributed to the growth in savings mobilisation, offering individuals diverse options for financial planning and security.