Union Budget 2023: FM announces maximum deposit limit for senior citizens to Rs 30 lakh

Finance Minister Nirmala Sitharaman in her Budget 2023 speech announced an increase in the Senior Citizen Savings Scheme limit from the current ₹15 lakh to ₹30 lakh. The monthly income scheme maximum limit was increased to ₹9 lakhs from the earlier ₹4.5 lakhs.

It would focus on long-term growth instead. Finance Minister Nirmala Sitharaman is expected to announce increase in budget allocations for  health, education and rural projects, helped by a pick up in tax collections. She might tweak tax rules including an alteration to the structure of capital gains tax, which would encourage investments. If media reports that the new tax regime is likely to be made more attractive in the coming budget 2023 prove correct, then it is likely that this may also signal the end of the old tax regime. This appears the logical consequence of sweetening the new 'concessional tax regime' by introduction of a few limited exemptions/tax deductions and/or hiking the basic exemption limit.