MIS limit increased to 9 lakhs, special savings for women

The Union Finance Minister on Wednesday announced several concessions on bank and post office savings for women and senior citizens in the General Budget 2023-24.

New Delhi: Bank and post office interest rates are on the decline. So middle class and low income families are in trouble. Many are turning away from saving in traditional financial institutions. In this situation, the central government took initiatives to increase interest in small savings. A section of economists feel that Union Finance Minister Nirmala Sitharaman has tried to kill two birds with one stone by announcing special benefits on low savings for women and senior citizens. While the government aims to increase the supply of money to the exchequer by increasing interest in low savings, it also aims to win the hearts of the middle class.

The Union Finance Minister on Wednesday announced several concessions on bank and post office savings for women and senior citizens in the General Budget 2023-24. The budget has announced the launch of the 'Mahila Samman Savings Certificate Scheme'. Women will get up to 7.5 percent interest up to 2 lakh rupees if they keep money in this small savings scheme for two years. Apart from this, concessions have also been announced in the case of savings for senior citizens. Earlier, senior citizens could save up to Rs 15 lakh. This time the upper limit has doubled to 30 lakh rupees. In the post office Monthly Income Scheme (MIS) in a single name (single account) instead of Rs 4.5 lakh, up to Rs 9 lakh can be kept. Exemptions have also been announced for joint accounts. Where previously up to 9 lakh rupees could be kept, from now on the upper limit of savings has been increased to 15 lakh rupees. So that senior citizens will be especially benefited.