Collections under small savings schemes have seen a pickup in April-September, with deposits for the Senior Citizens Savings Scheme surging over 2.5 times year-on-year to Rs 74,675 crore. This marks a 160 per cent increase over Rs 28,715 crore collected in the corresponding period a year ago, a senior government official said. Additionally, collections under Mahila Samman Savings Certificate, which was introduced in Budget this year, stood at Rs 13,512 crore during April-September.
The interest rate for Senior Citizens Savings Scheme was hiked to 8.2 per cent from 8 per cent in April-June this year and has been kept unchanged since then. The investment limit for the scheme for elderly was raised to Rs 30 lakh from Rs 15 lakh from April this year. Other small savings rates were broadly kept unchanged for October-December quarter, with an increase of 20 basis points in interest rate of one small savings scheme — 5-year recurring deposit.
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