Senior Citizens Saving Scheme: Interest rate, other changes from April 1, 2023 | Mint
Senior Citizens Saving Scheme (SCSS): The Government of India (GoI) has announced small savings scheme interest rate effective from 1st April 2023. In this small savings interest rate from April 2023, the central government has raised Senior Citizens Saving Scheme interest rate to 8.20 per cent from SCSS interest rate of 8 per cent for January to March 2023 quarter. So, SCSS interest rate will be a big change effective from today. Apart from Senior Citizens Saving Scheme interest rate change, maximum deposit limit has been doubled from 1st April 2023 i.e. from today. The Finance Minister Nirmala Sitharaman had made the announcement in this regard during her Union Budget speech on 1st February 2023. The budget proposal has become a reality from 1st April 2023 i.e. from today after the passage of Finance Bill 2023 in parliament. Nirmala Sitharaman announced to double the maximum deposit limit in Senior Citizens Saving Scheme citing, "The senior citizens saving scheme will be exten...