senior citizens saving scheme (SCSS) limit should be increased 15lakhs to 25 lakhs

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The scheme was launched in 2004 in which a senior citizen could invest up to maximum 15 lakhs at a interest rate of 9%/ year.The interest earned per year was amounting to 1,35000/= . The basic tax exemption in the year 2004-2005 was 50,000/= .A monthly income of about 10,000 /= was decent enough for a senior citizen couple.

This petition is for increasing the maximum limit to at least 25 Lakhs so that interest earned at the current rate of 8.6% would be 2,15000/= . though still not sufficient but this would offer some relief to senior citizens.



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