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The current ₹74,625 crore deposit in the Senior Citizens Savings Scheme marks a significant 160% surge from the previous fiscal year's ₹28,715 crore

Senior Citizens Savings Scheme hits ₹74,625 crore

<h2>The current ₹74,625 crore deposit in the Senior Citizens Savings Scheme marks a significant 160% surge from the previous fiscal year's ₹28,715 crore</h2>

In the ongoing fiscal year 2023-24, deposits under the Senior Citizens Savings Scheme have soared, reaching a staggering ₹74,625 crore between April and September. This impressive figure represents a remarkable 160% increase compared to the ₹28,715 crore deposited in the same period during the previous fiscal year, as confirmed by a government official to Business Today
This surge in collections can be attributed to the significant reforms introduced in the Union Budget. Finance Minister Nirmala Sitharaman raised the maximum deposit limits for the SCSS from ₹15 lakh to ₹30 lakh.
Simultaneously, the Monthly Income Account Scheme limits were enhanced, going from ₹4.5 lakh to ₹9 lakh for single accounts and from ₹9 lakh to ₹15 lakh for joint accounts. An official emphasized that the higher interest rates and increased deposit limits were key factors contributing to this remarkable uptick.
Additionally, the government has set a budget of ₹4.71 lakh crore for small savings collections in the fiscal year 2023-24. Furthermore, Sitharaman introduced a new savings scheme named the Mahila Samman Savings Certificate (MSSC), available until March 2025.
The MSSC allows deposits up to ₹2 lakh in the name of women or girls, offering a fixed interest rate of 7.5% and permitting partial withdrawals. By September 30, deposits in the MSSC had reached ₹13,512 crore, indicating substantial interest among investors.
Under the SCSS, investors can enjoy an attractive interest rate of 8.2% for a five-year deposit tenure. Similarly, the MSSC offers an annual return of 7.5% for a deposit period of two years. These initiatives have not only encouraged savings but have also provided secure avenues for senior citizens and women investors, fostering financial stability and growth in the country. Also Watch: <a href="https://www.editorji.com/business-news/small-saving-schemes-govt-raises-interest-rates-by-up-to-0-3-for-select-schemes-1688139542713">Small saving schemes: Govt raises interest rates by up to 0.3% for select schemes</a>

Indian household savings hit a 34-year low, just 5.1% of GDP in FY23, with a 19% drop from the previous year. Weak income growth raises concerns about the sustainability of increased consumption and real estate investments

Indian household savings hit 34-year low in FY23

Indian household savings hit a 34-year low, just 5.1% of GDP in FY23, with a 19% drop from the previous year. Weak income growth raises concerns about the sustainability of increased consumption and real estate investments

Indian households experienced a significant drop in their net savings during the fiscal year 2022-23, with data from the Reserve Bank of India revealing a 19% decrease compared to the previous fiscal year.
This decline brought the total savings down to just 5.1% of the nation's GDP, reaching its lowest point in 34 years, as stated by Nikhil Gupta, the chief economist at Motilal Oswal Financial Services.
In contrast, during the fiscal year 2021-22, household net financial savings represented 7.2% of GDP. The onset of the pandemic in 2020-21 had limited spending options, leading to a significant increase in net financial savings to 11.5% of GDP from 8.1% in 2019-20.
The RBI data attributes the decline in household financial savings in the past year to a substantial increase in liabilities, which rose by 76%, while financial assets only saw a 14% growth compared to the previous fiscal year. Among the assets, bank deposits increased by 32%, while small savings (excluding Public Provident Fund) and investments decreased when compared to 2021-22.
On the liabilities front, borrowings from commercial banks surged by 54% in 2022-23 compared to the previous fiscal year. In terms of GDP, household financial assets decreased from 11.1% in 2021-22 to 10.9% in 2022-23, while liabilities increased from 3.8% to 5.8% &ndash; marking the second-highest level in independent India's history.
Nikhil Gupta from Motilal Oswal Financial Services highlighted that the decrease in household financial savings played a role in bolstering consumption and real estate investments in 2022-23 due to weak income growth.
GDP data reveals that private final consumption expenditure rose by 7.5% in 2022-23, down from the 11.2% growth observed in 2021-22. Meanwhile, the gross value added of the financial, real estate, and professional services industry increased by 7.1% in 2022-23, a significant improvement from 4.7% in 2021-22 and 2.1% in 2020-21, according to statistics from the Ministry.
Gupta warned that the combination of weak income growth and declining household net financial savings, driven by increased borrowings, is unsustainable and may affect consumption growth. He added that whether this will be offset by increased investments remains uncertain.
Interestingly, an RBI staff study published on September 18 discovered a long-term relationship between real private consumption, income, and wealth.

8 years after its launch the PM social security schemes have seen over 55 crore enrollment. The schemes were launched to provide essential financial services to individuals from underprivileged backgrounds

Over 55 crore Indians enroll in PM's social security schemes in 8 years

8 years after its launch the PM social security schemes have seen over 55 crore enrollment. The schemes were launched to provide essential financial services to individuals from underprivileged backgrounds

PM's social security schemes Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Atal Pension Yojana (APY) together have seen an enrollment of over 55 crore since their launch.
Speaking on the 8th anniversary of Jan Suraksha schemes, the finance minister Nirmala Sitharaman claimed that 16.2 crore enrolled under PMJJBY, 34.2 crore enrolled under PMSBY and 5.2 crore joined APY as of April 26 2023. Sitharaman, further added that these schemes were aimed at providing essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability.
As per the data released by the finance ministry, under the PMJJBY, 6.64 lakh families received ₹13,290 crore worth claims. Likewise, over 1.15 lakh families benefitted by claiming ₹2,302 crore under the PMSBY scheme.
Minister of State for finance, Bhagwat Kisanrao Karad has said that the the government has adopted a targeted approach for covering people in the rural areas and campaigns are being organised throughout the country at each Gram Panchayat providing coverage to eligible beneficiaries under the scheme.&nbsp;
Prime Minister Narendra Modi, launched the three schemes on 9th May 2015 from Kolkata. The PMJJBY is an one-year life insurance scheme that could be renewed every year. It gives a cover of ₹ 2 lakh in case of death due to any reason. Anyone at the age group of 18-50 who has an individual bank account or post office account are eligible to enroll under the scheme.
The PMSBY offers ₹ 2 lakh insurance for accidental deaths or total permanent disability while offering ₹ 1 lakh for partial permanent disability. This covers people in the age group of 18-70 years with a bank or post office account.&nbsp;
Anyone at the age group of 18-40 years who do not pay income tax can join the APY scheme. The subscribers' contribution can differ and will get a guranteed monthly pension of ₹ 1,000 and multiples thereof up to ₹5,000 after completing 60 years based on the subscriber&rsquo;s contribution.
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In the survey, it was also found that a quarter of millennials are opening up their emergency funds at least once a month. Know more

Half of Gen Z and millennials believe weddings and social events are bummer in their money goals

In the survey, it was also found that a quarter of millennials are opening up their emergency funds at least once a month. Know more

Amidst the ongoing inflation, half of Gen Z and millennials believe that weddings and social events are coming in the way of their personal saving goals, as per a survey.
The survey was done by Prudential which found out that for 46% of millennials and 48% of Gen Z spending on weddings, baby showers or other social celebrations act as a barrier for their money goals.
The survey also stated that a quarter of millennials are opening up their emergency funds at least once a month and 23% said that they have done so to pay for a gift or attend family or friends' event.
Also Read: <a href="https://www.editorji.com/lifestyle-news/health/why-are-gen-z-and-millennials-feeling-older-than-their-age-1666237908132">Why are Gen Z and millennials feeling older than their age?&nbsp;</a>

Focussed on the theme of education and financial literacy, Equitas Small Finance Bank announced that it is all set to launch exclusive savings account for kids named ‘ENJOI’, on the occasion of Father's Day – June 19, 2022.
The account introduces "young kids" to the financial world, encouraging them to develop an early habit of saving through which they can watch their money grow, as they become adults.
About the account details 
ENJOI will allow kids of 0-18 years to open a savings account under the supervision of their parents. Minors aged 10 & above will also get an option for a personalized debit card, as per the bank.The account offers 7% interest for savings balances between ₹5 Lakh to ₹2 crore. Upon the written consent from parents, minors aged 10 & above can also avail self- operating account with limited transaction limits.
The bank also said ENJOI account holders will also have access to exclusive deals from ed-techs and online learning providers. 

This bank is launching savings account for kids, ENJOI!

ENJOI account holders will also have access to exclusive deals from ed-techs and online learning providers

A personalized debit card will be complimentary for the first year&nbsp;

Focussed on the theme of education and financial literacy, Equitas Small Finance Bank announced that it is all set to launch exclusive savings account for kids named &lsquo;ENJOI&rsquo;, on the occasion of Father's Day &ndash; June 19, 2022.
The account introduces "young kids" to the financial world, encouraging them to develop an early habit of saving through which they can watch their money grow, as they become adults.
Also read/watch| <a title="Musk meets Twitter employees finally - and he talked about aliens!&nbsp;" href="https://www.editorji.com/business-news/musk-meets-twitter-employees-finally-and-he-talked-about-aliens-1655434220536">Musk meets Twitter employees finally - and he talked about aliens!&nbsp;</a>
About the account details&nbsp;
ENJOI will allow kids of 0-18 years to open a savings account under the supervision of their parents. Minors aged 10 &amp; above will also get an option for a personalized debit card, as per the bank. The account offers 7% interest for savings balances between ₹5 Lakh to ₹2 crore. Upon the written consent from parents, minors aged 10 &amp; above can also avail self- operating account with limited transaction limits.
The bank also said ENJOI account holders will also have access to exclusive deals from ed-techs and online learning providers.&nbsp;

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