Budget 2023: Mahila Samman Savings Certificate to allow maximum deposit of Rs 2 lakh, says FM Sitharaman

By Team Newsable | First Published Feb 1, 2023, 12:23 PM IST

Budget 2023: "One-time small savings under the 'Mahila Samman Saving Patra'. The deposit facility for women and girls will be for two years with a 7.5 per cent interest rate," announced Sitharaman.

In her presentation of the Budget 2022-23, Union Finance Minister Nirmala Sitharaman announced a 'Mahila Samman Saving Certificate' scheme with a fixed interest rate of 7.5 per cent for two years.

The deposit can be made in the name of a girl or a woman. The maximum deposit amount has been set at Rs 2 lakh, and the scheme will also allow for partial withdrawals.

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

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

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

Financial assistance of more than Rs 2.25 lakh crore has been provided to small farmers under PM-Kisan Samman Nidhi. The FM added that about three crore women farmers had been provided Rs 54,000 crore under the scheme.

Additionally, Sitharaman announced that the maximum amount of money that can be invested in the senior citizen saving scheme (SCSS) would be increased to Rs 30 lakh from Rs 15 lakh currently.

The limit on the postal monthly income scheme was also raised. Rs 9 lakh can be invested in a single name compared to Rs 4.5 lakh now.

The increase in limits has provided comfort to investors seeking consistent income during times of high inflation. As a sovereign backs the schemes, hence does not carry credit risk.

(With inputs from PTI)

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