BANKING AFFAIRS

Detailed explanation-1: -Finance Minister Nirmala Sitharaman in the Union Budget 2023 raised the maximum investment limit for the Senior Citizen Savings Scheme (SCSS) from Rs 15 lakh to Rs 30 lakh.

Detailed explanation-2: -What is the maximum amount one can deposit under SCSS? The maximum amount you can invest in the SCSS account is up to Rs.30 lakh.

Detailed explanation-3: -While the government has hiked the investment limit under the Senior Citizen Saving Scheme (SCSS) by Rs 15 lakh to Rs 30 lakh, it is to be noted that the other scheme for retirees-Pradhan Mantri Vaya Vandana Yojana (PMVVY)-is set to close on March 31, 2023.

Detailed explanation-4: -In this scheme, a person is allowed make only one investment. Since multiple investments in a single account are not allowed, Senior Citizen Saving Scheme allows investors to open multiple account. In a single account, the maximum deposit allowed is INR 15 lakhs while the minimum investment allowed is INR 1, 000.