scorecardresearchWomen in Budget 2023: FM announces Mahila Samman Saving Certificate scheme; to offer 7.5% interest

Women in Budget 2023: FM announces Mahila Samman Saving Certificate scheme; to offer 7.5% interest

Updated: 02 Feb 2023, 01:40 PM IST
TL;DR.
Finance Minister Nirmala Sitharaman in her Budget 2023 speech announced a one-time small saving scheme for women. Check details
India's Finance Minister Nirmala Sitharaman holds up a folder with the Government of India's logo as she leaves her office to present the federal budget in the parliament, in New Delhi, India, February 1, 2023. REUTERS/Adnan Abidi

India's Finance Minister Nirmala Sitharaman holds up a folder with the Government of India's logo as she leaves her office to present the federal budget in the parliament, in New Delhi, India, February 1, 2023. REUTERS/Adnan Abidi

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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Economic survey 2023
First Published: 01 Feb 2023, 12:16 PM IST