Addressing the ongoing parliament on the Union Budget 2023-24, the Finance Minister of India, Nirmala SItahraman has announced the launch of a women-specific small savings scheme named “Mahila Samman Savings Patra” or Saving Certificate.
Briefing the parliament on the scheme, Nirmala Sitharaman said, “The Mahila Samman Savings Certificate will be offered for two years, ending in March 2025, with a deposit facility of up to two lakhs in the name of a woman or girl. The scheme will offer a fixed interest rate of 7.5% with a partially withdrawn option.”
Adding to the small saving scheme for women, the Finance Minister further proposed the maximum deposit limit for the senior citizen’s savings scheme has been increased from 15 lakhs to 30 lakhs. The monthly income account scheme has seen an increase from 4.5 lakhs to 9 lakhs for a single account and from 9 lakhs to 15 lakhs for a joint statement.