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

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 (REUTERS)Premium
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 (REUTERS)

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 Rs 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 Rs 4.5 lakhs to Rs 9 lakhs for single accounts, and Rs 9 lakhs to Rs 15 lakhs for joint accounts.

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ABOUT THE AUTHOR
Deepika Chelani
A business media enthusiast. She covers personal finance beat for LiveMint.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 01 Feb 2023, 12:16 PM IST
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