Page 25 - Seniorstoday February 2023 Issue
P. 25
Money Matters
Decoding the Budget for seniors
The government reckons the fact that Senior citizens are a vulnerable section of the
society and the Budget 2023 has proposed some attractive changes for them, writes
CA Richa Ghosh
In the 75th year of Independence, the investment. For such investors, SCSS and
Budget 2023 focuses on wide ranging MIS schemes suit well and interest rate is
reforms and sound policies. The PM’s also good.
vision of Sabka Saath Sabka Vikas has 2. The Government will also launch a new
been instrumental to facilitate sustainable small savings scheme Azadi ka Amrit
economic development. The government Mahotsav Mahila Samman Bachat Patra,
reckons the fact that Senior citizens are a for women. The one-time new small savings
vulnerable section of the society and the scheme will be made available for a two-
Budget 2023 has proposed some attractive year period up to March 2025. This will
changes for them. offer a deposit facility of up to Rs 2 lakh for
a tenure of two years with an interest rate of
Investments and Deposits 7.5 per cent with partial withdrawal option.
1. The maximum investment limit for Senior 3. The Finance Minister also raised the
Citizen Savings Scheme accounts has maximum deposit limit for MIS (Monthly
doubled from 15 lakhs to Rs 30 lakh. The Income scheme) from Rs 4.5 lakhs to Rs
scheme currently offers interest at 8% per 9 lakhs for single accounts and from Rs 9
annum and is a good move for conservative lakhs to Rs 15 lakhs for joint accounts.
investors. Senior citizen investors
generally are skeptical about market Personal Income Tax
linked investments like Mutual Funds or 4. The government had announced new
shares and prefer a more secure mode of tax regime in 2020. The new tax regime
SENIORS TODAY | ISSUE #44 | FEBRUARY 2023 25
