New Delhi – The Government of India on Friday announced that it will increase the interest rates of small savings schemes Monthly Income Scheme (MIS) and Senior Citizen Savings Scheme with effect from April 1, 2023.
As per the gazette notification, the maximum deposit limit for Senior Citizen Savings Scheme has been increased from Rs 15 lakh to Rs 30 lakh. For MIS, the deposit limit has been raised from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
In addition, the interest rate for Senior Citizen Savings Scheme has been increased from 8% to 8.2%, while the MIS rate has been increased from 7.1% to 7.4%. All changes in deposit limits and interest rates will be effective from April 1, 2023.
