Deposits under the Senior Citizens Savings Scheme (SCSS) during April-February (till date) of the current fiscal year (FY24) were Rs 90,000 crore, a 140% increase over the Rs 37,362 crore deposited in the same time last fiscal year (FY23).

Similarly, receipts from the Monthly Income Scheme increased to roughly Rs 20,000 crore, up from Rs 5,000 crore for the entire fiscal year 2023-24, according to a senior Finance Ministry official. Furthermore, he stated that the Mahila Samman Saving Certificate, which was launched during the current fiscal year, has raised more than Rs 19,000 crore to date.

In the recent Union Budget, Finance Minister Nirmala Sitharaman significantly increased the maximum deposit limit for the Senior Citizens Savings Scheme (SCSS) from Rs 15 lakh to Rs 30 lakh.

The Monthly Income Account Scheme's limitations were also enhanced, from Rs 4.5 lakh to Rs 9 lakh for single accounts and from Rs 9 lakh to Rs 15 lakh for joint accounts.

"It is due to the higher rate of interest and the increased maximum deposit limit," the official went on to say.

Regarding overall modest savings collections, the official added that, compared to the Revised Estimate objective of a net collection of Rs 4.37 lakh crore, the amount mobilized as of early February was Rs 2.76 lakh crore, or 64% of the RE. However, during the same period (April-early February) of FY23, the figure was Rs 1.91 lakh crore. He further noted that the Public Provident Fund (PPF) continues to get the greatest dividend under the plan.

The modest savings scheme basket includes 12 instruments, including the National Savings Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), and Sukanya Samridhi Scheme. The government resets interest rates at the beginning of each quarter. 

The government has earmarked Rs 4.71 lakh crore for small savings collections in FY24.