Budget 2023: Sitharaman announces new savings scheme for women with 7.5% fixed interest rate for 2 years

Union Finance Minister Nirmala Sitharaman Wednesday announced a 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years.

The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well.

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

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

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

Financial assistance of more than Rs 2.25 lakh crore has been provided to small farmers under PM-Kisan Samman Nidhi. About three crore women farmers have been provided Rs 54,000 crore under the scheme, the finance minister said.

Sitharaman also announced enhancing the maximum amount of money that can be invested in the senior citizen saving scheme (SCSS) to Rs 30 lakh compared to Rs 15 lakh now.

The postal monthly income scheme also saw an enhancement of limit. In a single name, Rs 9 lakh can be invested as compared to Rs 4.5 lakh now.

The enhancement of limits has come as a solace for investors looking for regular income in times of high inflation. The schemes are backed by a sovereign and hence do not carry credit risk.