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HomeNews ReportsBudget 2023: FM Nirmala Sitharaman announces one-time savings scheme Mahila Samman Bachat Patra

Budget 2023: FM Nirmala Sitharaman announces one-time savings scheme Mahila Samman Bachat Patra

The Senior Citizens' Savings Scheme’s (SCSS) maximum deposit amount was increased by the Finance Minister from 15 lakhs to 30 lakhs. 

On February 1, Wednesday, Finance Minister Nirmala Sitharaman announced a one-time small savings scheme Mahila Samman Bachat Patra. This Patra or certificate will be available for a period of two years up to March 2025. This scheme would provide a deposit facility for a woman or girls up to Rs. 2 lakhs for a two-year term at a set interest rate of 7.5% with a partial withdrawal option in a bid to financially empower women.

The initiative is being launched to commemorate ‘Azadi Ka Amrit Mahotsav’. “One-time new small saving scheme under ‘Mahila Samman Saving Certificate’ will be made available up till March 2025. This will offer a deposit facility of up to Rs 2 lakh for the women and girls for a tenure of two years, with a fixed rate of interest 7.5% with a partial withdrawal option,” FM Sitharaman announced.

The Senior Citizens’ Savings Scheme’s (SCSS) maximum deposit amount was increased by the Finance Minister from 15 lakhs to 30 lakhs. 

As part of the Monthly Income Accounts Scheme, she also announced an increase in the maximum deposit limits from 4.5 lakhs to 9 lakhs for single accounts and from 9 lakhs to 15 lakhs for joint accounts.

Earlier while speaking about the growing economy of India, the Finance Minister said that the world has recognized the Indian economy as a bright star.

She said, “Our current year’s economic growth is estimated at 7%. Notably, this is the highest among all the major economies. This is despite the massive slowdown globally caused by Covid-19 and the war. The Indian economy is therefore on the right track and despite the time of challenges, heading towards a bright future.”

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