Centre aims to mop up Rs 75,000 cr from senior citizen savings scheme

Not to overshoot FY24 net borrowing target of Rs 11.8 trn

The maximum investable amount of the senior citizen savings scheme (SCSS) — enhanced from Rs 15 lakh to Rs 30 lakh in the Union Budget 2023-24 (FY24) — could mobilise Rs 75,000 crore. This will help the government avoid overshooting the projected net market borrowing of Rs 11.8 trillion for FY24, said a government source.
 

According to government sources, there are 5 million accounts under SCSS, of which 500,000 had hit the previous upper limit of Rs 15 lakh.

“If just 10 per cent of account holders increase their deposits to Rs 30 lakh, that will mobilise Rs 75,000 crore.