The Government of India hiked the deposit limit and

Solution

The Government of India hiked the deposit limit and interest rate for the Senior Citizen Savings Scheme (SCSS) this year. For the July-September quarter, the SCSS scheme is offering 8.2% interest, which is likely to remain unchanged in the October-December quarter of FY 2023-24. The scheme now also allows senior citizens to deposit up to Rs 30 lakh per person for a period of 5 years. This tenure can be extended for another 3 years.    The enhanced deposit limit means a senior citizen couple (husband+wife) can have separate SCSS accounts in their names and deposit Rs 30 each in both accounts.