(a) whether the Government have lifted the deposit limit on RBI bonds in budget for the year 2003-2004;
(b) whether there is a limit of three lakhs on post office`s MIS scheme under National Saving Scheme;
(c) if so, the reasons for this disparity;
(d) whether the Government propose to raise the limit from three lakhs to five lakhs of post office MIS scheme for the benefit of Senior Citizens; and
(e) if so, the details thereof and if not, the reasons therefor?
MINISTER OF FINANCE ( SHRI JASWANT SINGH)
(a) to (e) A statement is placed on the Table of the House.
STATEMENT REFERRED TO IN REPLY TO THE LOK SABHA STARRED QUESTION NO.283 FOR 8TH AUGUST, 2003, BY DR. RAGHUVANSH PRASAD SINGH
(a) & (b) Yes, Sir. There is no maximum limit for investment in Saving Bonds, 2003(RBI Bonds). Deposits under the Post Office Monthly Income Account (POMIA) are, however, subject to a ceiling of Rs.3 lakh in case of a single account and Rs.6 lakh in case of a joint account.
(c) to (e) The Savings Bonds, 2003 and the POMIA are two separate saving options with different features and objectives. While the POMIA provides for a bonus @ 10% of the deposit at maturity and the facility of premature withdrawal to the small investor, 8% Savings (taxable) Bonds do not provide such benefits. Government has also introduced the scheme of `Varishtha Pension Bima Yojana` with an assured return of nine per cent per annum for senior citizens.