Budget 2023: Mahila Samman Saving Certificate scheme announced; to offer 7.5% interest

Finance Minister Nirmala Sitharaman announced a special saving scheme for women. The scheme -- Mahila Samman Saving Certificate will offer a return of 7.5 per cent.

The one-time small saving scheme ‘Mahila Samman Saving Certificate’ will be available for 2 years up till March 2025. Pic: IANS

Budget 2023: Finance Minister Nirmala Sitharaman on Wednesday, February 1, announced a special saving scheme for women -- Mahila Samman Saving Certificate. It is a one-time small saving scheme with a fixed interest rate of 7.5 per cent. The scheme will be available for 2 years up till March 2025.

The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well.

"One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced.

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She also said that for the economic empowerment of women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 lakh self-help groups have been created by mobilising rural women.

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"We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members," she said.

Financial assistance of more than Rs 2.25 lakh crore has been provided to small farmers under PM-Kisan Samman Nidhi. About three crore women farmers have been provided Rs 54,000 crore under the scheme, said PTI citing the finance minister.

Sitharaman also announced enhancing the maximum amount of money that can be invested in the senior citizen saving scheme (SCSS) to Rs 30 lakh compared to Rs 15 lakh now.

The postal monthly income scheme also saw an enhancement of limit. In a single name, Rs 9 lakh can be invested as compared to Rs 4.5 lakh now, said PTI.

The enhancement of limits has come as a solace for investors looking for regular income in times of high inflation. The schemes are backed by a sovereign and hence do not carry credit risk.

(With PTI inputs)

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