On Wednesday, February 1, Finance Minister Nirmala Sitharaman in her Budget 2023 speech announced a one-time small saving scheme for women. The new savings scheme is called Mahila Samman Saving Certificate.
The scheme will be available for 2 years up till March 2025 and will offer a fixed rate of interest at 7 percent, said the Finance Minister. The scheme will also have a partial withdrawal facility.
In the Mahila Samman Saving Certificate scheme, the maximum deposit amount is kept at ₹2 lakh and the deposit can be made in the name of a woman or a girl child.
The finance minister in her Budget 2023 speech also announced an increase in the Senior Citizen Savings Scheme (SCSS) limit from the current ₹15 lakh to ₹30 lakh.
Moreover, the finance minister also announced the enhancement of the maximum deposit limit for Monthly Income Accounts Scheme from ₹4.5 lakhs to ₹9 lakhs for single accounts, and ₹9 lakhs to ₹15 lakhs for joint accounts.
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