Senior Citizen Savings Scheme, 2019 – Revision of maximum limit from ₹ fifteen lakh to ₹ thirty lakh for investment: SB Order No. 06/2023

Senior Citizen Savings Scheme, 2019 – Revision of maximum limit from ₹ fifteen lakh to ₹ thirty lakh for investment: SB Order No. 06/2023 dated 31.03.2023

SB Order No. 06/2023

F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi -110001
Dated: 31.03.2023

To

All Head of Circles/Regions

Subject: Revision of maximum limit for investment in Senior Citizen Savings Scheme, 2019.

Sir/Madam,

The undersigned is directed to convey the decision of Ministry of Finance (DEA) for amendment of Senior Citizen Savings Scheme, 2019 through Senior Citizen Savings (Amendment) Scheme, 2023 and revision of maximum investment limit for investment in Senior Citizen Savings Scheme, 2019 from ₹ fifteen lakh to ₹ thirty lakh. The copy of gazette notification G.S.R.240(E) dated 31.03.2023 issued by MOF(DEA) is enclosed.

2. Accordingly, In the Senior Citizens’ Savings Scheme (hereinafter referred to as the said Scheme), in paragraph 3, in subparagraph (7), for the words “fifteen lakhs”, the words “thirty lakh” shall be substituted.

3. It is requested to circulate it to all concerned for information, guidance and necessary action. Same may also be placed on the notice board of all Post Offices in public area.

4. This is issued with the approval of the Competent Authority.

Yours Faithfully

(Devendra Sharma)
Assistant Director (SB-II)

NOTIFICATION

New Delhi, the 31st March, 2023

G.S.R.240(E).—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme further to amend the Senior Citizens’ Savings Scheme, 2019, namely:-

1. (1) This Scheme may be called the Senior Citizens’ Savings (Amendment) Scheme, 2023.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Senior Citizens’ Savings Scheme (hereinafter referred to as the said Scheme), in paragraph 3, in subparagraph (7), for the words “fifteen lakhs”, the words “thirty lakh” shall be substituted.

3. In the said Scheme, in paragraph 4, in sub-paragraph (1), for the words “fifteen lakh” at both the places where they occur, the words “thirty lakh” shall be substituted.

[F. No. 1/3/2023-NS]

ASHISH VACHHANI, Addl. Secy.

Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)
vide number G. S. R. 916(E), dated the 12th December, 2019 and subsequently amended vide number
G.S.R.287 (E), dated the 5th May, 2020, G.S.R. 842(E), dated the 22nd November, 2022 and G.S.R. 56(E) dated the 27th January, 2023