The Senior Citizens’ Savings (Amendment) Scheme, 2023

Last updated: 03 April 2023

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The Central Government has introduced the Senior Citizens’ Savings (Amendment) Scheme, 2023. This amendment, effective from its publication date, increases the maximum deposit limit for the Senior Citizens' Savings Scheme. Previously capped at ₹15 lakh, the new limit is now ₹30 lakh.

MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 31st March, 2023

G.S.R.240(E). - In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme further to amend the Senior Citizens’ Savings Scheme, 2019, namely:-

1. (1) This Scheme may be called the Senior Citizens’ Savings (Amendment) Scheme, 2023.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Senior Citizens’ Savings Scheme (hereinafter referred to as the said Scheme), in paragraph 3, in subparagraph (7), for the words “fifteen lakhs”, the words “thirty lakh” shall be substituted.

3. In the said Scheme, in paragraph 4, in sub-paragraph (1), for the words “fifteen lakh” at both the places where they occur, the words “thirty lakh” shall be substituted.

[F. No. 1/3/2023-NS]

ASHISH VACHHANI, Addl. Secy.

Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G. S. R. 916(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R.287 (E), dated the 5th May, 2020, G.S.R. 842(E), dated the 22nd November, 2022 and G.S.R. 56(E) dated the 27th January, 2023.

FAQ :

It is an amendment to the existing Senior Citizens’ Savings Scheme, 2019, which increases the maximum deposit limit.

The scheme comes into effect on the date of its publication in the Official Gazette.

The maximum deposit limit has been increased from fifteen lakhs (₹15 lakh) to thirty lakhs (₹30 lakh).

Paragraph 3, sub-paragraph (7) and paragraph 4, sub-paragraph (1) of the Senior Citizens’ Savings Scheme, 2019 have been amended regarding the deposit limit.