Three main adjustments have been proposed in Price range 2023 for senior residents.
Senior Citizen Financial savings Scheme: The utmost deposit restrict for Senior Citizen Financial savings Scheme has been enhanced from 15 lakhs to 30 lakhs. Your complete quantity invested is attributed to the primary holder. So a husband can open an account for 30 lakhs, and a spouse can open a second account for 30 lakhs.
Month-to-month revenue Scheme: The utmost deposit restrict for Month-to-month Earnings Account Scheme will probably be enhanced from Rs. 4.5 lakh to Rs. 9 lakhs for single accounts and from Rs 9 lakh to Rs 15 lakh for joint accounts. It’s not clear if these limits are relevant for anybody or just for senior residents. Till there’s readability, is it higher to imagine that they’re solely relevant for senior residents as per the grouping within the finances speech.
Now one other Rs. 15 lakhs per individual might be invested in PM Vaya Vandana Yojana; then there’s RBI retail direct the place there isn’t a restrict. See: How I used RBI Retail Direct to purchase govt. Bonds and create an revenue supply.
Thus a most of 60 lakhs within the Senior Citizen Financial savings Scheme + Rs. 15 lakhs in PO MIS + Rs. 30 Lkahs within the PM Vaya Vandana Yojana might be invested in small financial savings schemes alone. That is incredible information for senior residents!
Household pension of as much as Rs. 15,000 is not going to be taxed within the new tax regime as properly.
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