During her Budget 2023-24 speech, Union Finance Minister Nirmala Sitharaman said that the government, will launch a one-time new small savings scheme, Mahila Samman Savings Certificate.
Key features of Mahila Samman Savings Certificate
- It will be made available for a two-year period up to March 2025.
- This will offer deposit facility upto Rs 2 lakh in the name of women or girls.
- It will be available for a tenor of 2 years.
- It will give fixed interest rate of 7.5 per cent with partial withdrawal option.
- Small savings schemes are investment tools for individuals that have major tax benefits under Section 80C.
- The other popular schemes under this category are Public Provident Fund (PPF), Senior Citizens Small Savings Scheme (SCSS), National Savings Certificate (NSC), and Sukanya Samriddhi Yojana (SSY).
Senior Citizen Savings Scheme
- In the Union Budget, te maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.
- Also, the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account.
